Gunther Schnabl

Inflation Is Always and Everywhere a Monetary Phenomenon, Even in Pandemic and War

Damaged supply chains and war are boosting prices, but they are not the only real cause of rising inflation. The problem is the central banks’ expansionary monetary policy.

With a Carrot and a Stick: The Effects of the European Central Bank’s Negative Interest Rate Policy on the Banking System

The ECB is weakening bank profitability while strengthening it in a way that allows it to implement policy goals with the help of commercial banks. Read the new study.

Low Interest Rate Policy Cripples the Economy and Reduces Prosperity

Japan’s low interest rate policy began 30 years ago, about 15 years earlier than in the EU. But three decades of low interest rate policy meant three lost decades for Japan. In an interview with Stefan Beig, economist Gunther Schnabl explains why the low interest rate policy is so damaging to prosperity.

Rescuing Businesses during the Coronavirus Crisis Accelerates the Path to a State-Run Economy

The lockdown has accelerated the onset of the financial crisis. Global rescue programs are opening the door to a creeping nationalization. We now face the threat of the kinds of restrictions found in former planned economies.