Quarterly Journal of Austrian Economics
Author:
Thomas Mayer
Gunther Schnabl
Online Publish Date:
is a professor of international economics and economic policy in the department of economics at Leipzig University, Germany. INTRODUCTION interest rates in the industrialized countries has been due to asymmetric monetary policies: strong interest rate cuts during crises were not followed by respective exchange rates from appreciating and accumulated foreign reserves to boost the competitiveness of their exports and create war chests against balance of payments