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Manfred Gärtner
Former Member
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Prof. em. Dr.
Last Name
Gärtner
First name
Manfred
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PublicationTeaching Macroeconomics After the Crisis : A Survey Among Undergraduate Instructors in Europe and the United StatesThe Great Recession raised questions of what and how macroeconomists teach at academic institutions around the globe, and what changes in the macroeconomics curriculum should be made. The authors conducted a survey of undergraduate macroeconomics instructors affiliated with colleges and universities in Europe and the United States at the end of 2010. The results show that courses feature very much the same lineups of models as they did before the crisis. A notable exception concerns public debt dynamics, which receives considerably more emphasis. The finer fabric of undergraduate macroeconomics teaching, however, shows substantial shifts: a host of topics related to financial markets has entered the curriculum, and there is more interest in economic history, the history of economic thought and case studies. [http://ideas.repec.org/p/usg/econwp/201120.html Link zum zugrunde liegenden Diskussionspapier]Type: journal articleJournal: The Journal of Economic EducationVolume: 44Issue: 4
Scopus© Citations 19 -
PublicationThe near-death experience of the Celtic Tiger : A model-driven narrative from the European sovereign debt crisisThis article narrates Ireland's recent odyssey from the pride and envy of Europe to kneeling supplicant through the eyes of an econometric model of the government bond market. The exercise suggests that, in essence, two developments triggered and propelled Ireland's drift towards sovereign default: first, the global financial crisis that drove Ireland into a severe recession with collapsing tax revenues and increasing unemployment; second, a gap between the post-2007 increase in sovereign default risk that can actually be linked to macroeconomic fundamentals and the much bigger increase in perceived risk reflected by high interest rates and communicated by the massive downgrades of Ireland's sovereign debt rating.Type: journal articleJournal: Intereconomics - Review of European Economic PolicyVolume: 48Issue: 6
Scopus© Citations 3 -
PublicationAn interactive primer on the macroeconomics of financial crises(Taylor & Francis, 2011-09-06)
Scopus© Citations 2 -
PublicationThe macroeconomics of financial crises : How risk premiums, liquidity traps and perfect traps affect policy optionsThe paper offers an overview of what structural models of the IS-LM and Mundell-Fleming variety can tell about the macroeconomics of economic crises. In addition to demonstrating how the emergence of risk premiums in money and capital markets can generate liquidity traps at positive interest rates and may drive economies into recessions, it shows the following: (1) Fiscal policy works even in a small, open economy under flexible exchange rates when the country is stuck in a liquidity trap; (2) Near the fringe of liquidity traps, there may be perfect traps, in which neither monetary nor fiscal policy works when used in isolation but policy coordination is called for; and (3) Massive financial crises in the domestic money market may even destabilize the economy.Type: journal articleJournal: International Advances in Economic ResearchVolume: 17Issue: 1
Scopus© Citations 1 -
PublicationScapegoat €? : Dokumentarfilm von Alexander Kockerbeck"The Euro crisis is not over! We have managed to calm financial markets, but the problem has moved into the social and political sphere, with increasing unemployment and the risk of growing extremism and euro scepticism", says Paul De Grauwe from the London School of Economics, one of the top economists featured in this European documentary. Thomas Mayer, the former chief economist of Deutsche Bank, is concerned about the "centrally planned monetary economy" led by Central Banks which try to kickstart the economy and to fight deflation by creating unprecedented levels of liquidity that may compromise the entire monetary system. Manfred Gärtner from the University St. Gallen elaborates how the global financial crisis played havoc with European government finances and how problematic sovereign ratings may have added to a "bad equilibrium" in the whole euro area that forced the European Central Bank to do "whatever it takes" to defend the Euro. Alexander Kockerbeck
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PublicationIntegrity of ratings agencies questioned : Interview with Matthew AllenDebt-laden European countries have been given a rough ride and pushed further into trouble by the questionable actions of ratings agencies, according to a study on how sovereign credit worthiness is calculated. Researchers at St Gallen University believe that the big three agencies have at best made mistakes in rating countries such as Greece and Spain, and in the worst case scenario systematically and deliberately manipulated the markets.
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PublicationTougher euro debt ratings stoke downward spiral -study : Interview with Emma ThomassonCredit rating agencies have fuelled rising euro zone indebtedness by issuing more severe downgrades since the sovereign debt crisis unfolded in 2009, a study by economists at St Gallen university said.
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PublicationClothes For the Emperor or Can Graduate Schools Learn From Undergraduate Macroeconomics(Department of Economics, University of St. Gallen (St. Gallen), 2010-06-29)
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PublicationThe macroeconomics of financial crises : How risk premiums, liquidity traps and perfect traps affect policy optionsThe paper shows that structural models of the IS-LM and Mundell-Fleming variety have a lot to tell about the macroeconomics of the current global economic and financial crisis. In addition to demonstrating how the emergence of risk premiums in money and capital markets may drive economies into recessions, it shows the following: (1) Liquidity traps may occur not only when interest rates approach zero but at positive and/or rising rates as well; (2) Fiscal policy works even in a small, open economy under flexible exchange rates when the country is stuck in a liquidity trap; (3) Near the fringe of liquidity traps, the risk arises of perfect traps, in which neither monetary nor fiscal policy works when used in isolation, but policy coordination is called for; and (4) Massive financial crises in the domestic money market may even destabilize the economy. [http://ideas.repec.org/p/usg/dp2009/2009-15.html Volltext herunterladen]Type: discussion paperIssue: 2009-15