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Thomas Mayer

Thomas Mayer ( is the founding director of the Flossbach von Storch Research Institute, Cologne, Germany.

All Works

Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy?


09/10/2021Quarterly Journal of Austrian Economics
Abstract: This article compares the Keynesian, neoclassical and Austrian explanations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective, low interest rates are attributed to aging societies, which save more for the future (global savings glut). Low growth is...
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Central Banks See No Way out of the Low Interest Rate Trap

Money and Banks

The last time a major central bank knowingly tried to end a low-rate policy regime occurred in Japan in the late 1980s. Since then, no central banker has wanted to repeat this unhappy experience.

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Discovering Markets

Calculation and KnowledgePrices

05/20/2020Quarterly Journal of Austrian Economics
Winning narratives shape market prices until their victory is confirmed by the facts or they are discredited by facts and replaced by new narratives.
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