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Featured researches published by Heiner Flassbeck.


Economic Bulletin | 1998

The global threat of deflation calls for swift interest rate cuts in Europe

Heiner Flassbeck; Elke Hahn

ConclusionsGiven the serious crisis in Asia and evidence of its spreading to other developing and transition countries, the attempt by German economic policymakers to achieve faster economic growth and higher employment almost exclusively by means of successes on export markets appears likely to fail sooner than had been expected by the DIW5. The significance of domestic demand has been systematically underestimated in recent years. With the help of extremely low pay settlements, the D-Mark was devalued in real terms; this promoted exports, but at the same time led to growth losses in private consumption and investment that more than offset the gains in exports. On top of this German fiscal policy—as documented in the following report in this issue—has weakened domestic demand and investment activity. This strategy might have worked if a symmetrically oriented monetary policy had reacted to the deflationary trend inherent in pay settlements and the fiscal-policy stance by swiftly and significantly reducing interest rates. This did not happen. It was therefore inevitable that the crisis in sales markets made its full effects felt on economic growth. More seriously still, if cost deflation in Germany is not brought to an end in the coming year by a return to productivity-oriented wage settlements, it will pose a major threat to the European Monetary Union.6 If Germany pursues a beggar-thyneighbour policy in a Europe without exchange rates, this can only result in deflation and a downward economic spiral.7


Archive | 1997

Orthodox Money-Based Stabilization (OMBS) Versus Heterodox Exchange Rate-Based Stabilization (HERBS): The Case of Russia, The Ukraine and Kazakhstan

Peter Bofinger; Heiner Flassbeck; Lutz Hoffmann


Archive | 1996

German unification : an example for Korea?

Heiner Flassbeck; Gustav A. Horn


Archive | 2001

Kazakstan 1993 – 2000

Lutz Hoffmann; Peter Bofinger; Heiner Flassbeck; Alfred Steinherr


Economic Bulletin | 1994

Quo Vadis, the German business cycle?: Marked weakening of economic activity during the winter 1993/94

Heiner Flassbeck


Archive | 1989

Strukturwandel und Beschäftigung

Heiner Flassbeck; Gustav-Adolf Horn


DIW Wochenbericht | 1994

Westliche Industrieländer: weltweiter Zinsanstieg - Ballast für den Aufschwung

Heiner Flassbeck; Gustav A. Horn; Marcel Stremme; Joachim Volz


Economic Bulletin | 1993

Long-term interest rates, interest-rate structure and the budget deficit

Heiner Flassbeck


Economic Bulletin | 1992

Subsidisation and privatisation of East German industry by the Treuhandanstalt: a change of course is needed

Heiner Flassbeck; Gustav A. Horn; Wolfgang Scheremet; Rudolf Zwiener


Economic Bulletin | 1992

German monetary policy: The bundesbank on the wrong course

Heiner Flassbeck

Collaboration


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Gustav A. Horn

German Institute for Economic Research

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Lutz Hoffmann

German Institute for Economic Research

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Wolfgang Scheremet

German Institute for Economic Research

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Rudolf Zwiener

German Institute for Economic Research

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