Outstanding credit to the private sector in the euro area has been shrinking for a long time. It is shrinking fast in several peripheral countries and the European Central Bank (ECB) seems unable or unwilling to do anything about it. Given that the economy of the euro area is barely crawling out of recession and that inflation is predicted to be significantly below the central bank’s target rate for the next two years at least, this seems troublesome. Two economists of the Bank for International Settlements (BIS) help out
Fabian Lindner of the German macro-economic research institute IMK has submitted a very timely and well-argued piece to the World Economic Reviw: “Does Saving Increase the Supply of Credit? A Critique of Loanable Funds Theory”. He takes on influential theses of luminaries from Larry Summers, over Ben Bernanke to Hans-Werner Sinn by tracing them back to the loanable-funds-fallacy – a fallacy which still rules standard textbooks. His main proposition is simple and not refutable: firms and economies do not operate at full capacity. All research and surveys show that
For a current CV, please go to https://norberthaering.de/en/cv/
Norbert Häring is Co-Editor oft he World Economic Review (WERa peer-reviewed jounral of the World Economics Associationin line with its commitment to: rigorous economic research; pluralism in the approaches to economic analysis; openness in the procedures and processes; inclusivity of access; and ethical behaviour.. Lead-Editor is John T. Harvey.
The World Economic Review will publish articles in all branches, methods, and paradigmatic approaches of economics, except those related to the history of economic thought, philosophy and methodology for which the WEA has the dedicated journal Economic Thought. Articles with a multidisciplinary content are welcome.
Papers submitted to the World Economic Review that meet minimum standards of professional quality will be posted on the journal’s Discussion Forum in order to solicit comments and discussions.
In line with the commitment of the World Economics Association, the World Economics Journal aims to promote economics’ engagement with the real world so as to confront, explain, and make tractable economic phenomena.
Norbert Häring is co-founder and co-director of the World Economics Association (WEA), which was launched on May 16, 2011. Already over 12,000 economists and related scholars have joined. This phenomenal success has come about because the WEA fills a huge gap in the international community of economists – the absence of a professional organization which is truly international and pluralist.
The organization publishes three online-based academic jounrals. The World Economic Review and Economic Thought have open peer-review. The Real World Economics Reviewis a policy oriented journal with a worldwide readership of over 20,000.
National Chaptern provide members in individual countries to network and to develop their own initiatives.
The WEA also organizes Online-Konferenzen.
Membership is not dependent on paying a membership-fee. However, WEA encourages members who can afford it to commit to paying a voluntary memberhip-fee.
The World Economics Association (WEA) seeks to increase the relevance, breadth and depth of economic thought. Its key qualities are worldwide membership and governance, and inclusiveness with respect to: (a) the variety of theoretical perspectives; (b) the range of human activities and issues which fall within the broad domain of economics; and (c) the study of the world’s diverse economies.
Norbert Häring has been working for Handelsblatt in various positions since 2002. However, this is a private website. What is written here should not be read as the opinion of Handelsblatt.
Handelsblatt is Germany’s leading business newspaper based in Düsseldorf with a circulation of around 140,000 and read by about 500.000 people daily (according to AWA). It is published daily Monday through Friday, by the Verlagsgruppe Handelsblatt, a subsidiary of Dieter von Holtzbrinck Medien GmbH. Editors in Chief are Sven Afhüppe and Hans-Jürgen Jakobs.
Norbert Häring works in the Frankfurt office. From February 2002 until July 2014 he had an (almost) daily column in which he explained economic issues and interests in everyman’s language and often politically incorrect. He is currently responsible for the weekly page of Handelsblatt on economic research.
At the meeting of the Shadow ECB Council on 6 January, 2014, a large majority recommended unchanged key rates.