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Conference at the Austrian Embassy in Berlin: Consequences of the zero interest rate policy – practice & theory


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Central banks, whose tasks are controlling interest rates, money supply, and prices, have been experimenting with a zero interest rate policy for years. This is supposed to fight deflation and create incentives for investments and the banking industry. The ECB is the last Western issuing bank that started a policy of Quantitative Easing (QE). Before the ECB, the Bank of England, the FED, or the Bank of Japan already adopted this practice. Especially in Germany there is a focus on safeguarding a balance between fighting deflation and the stability of the financial system.

The present monetary policy sees interest as an instrument to stimulate the overall economic demand. In contrast, the Austrian School of Economics sees interest as the price of the time, with which the structure of the whole production network of an economy aligns. From this perspective, non-monetary distortions and their corrections can be even deeper and painful the longer market interest rate is distorted by interventions from the central bank.

We are inviting you, together with the Austrian Embassy Berlin and Open Europe Berlin, to an event with renowned experts from the industry, science, and politics:

SAVE THE DATE October 1st 2015, 4 p.m.

Conference at the Austrian Embassy Berlin
Consequences of the zero interest rate policy – practice & theory

Thursday, October 1st 2015, 4 p.m.
Austrian Embassy Berlin
Stauffenbergstraße 1
10785 Berlin

What’s the role of zero interest rate policy for different sectors of the economy? We are looking forward to analyze and discuss the current monetary policy in a scientific, non-monetary context with you:

4 p.m. Start of the Conference

[The event will be held in German]

Welcoming:
Dr. Nikolaus Marschik
Ambassador of the Republic of Austria

Dr. Ingobert Waltenberger
Financial Attaché of the Republic of Austria

Keynote
Thomas Mayer
Flossbach von Storch Research Institute (former chief economist Deutsche Bank)

Panel discussion:
Michael Heise
Chief economist Allianz AG

Ernest Gnan
Head of the economic branch at the Austrian national bank

Thomas Mayer
Flossbach von Storch Research Institute (former Chief Economist Deutsche Bank)

Stefan Kooths
Kieler Institut für Weltwirtschaft

Peter Brandner
Expert for empirical economic and financial research, Ministry of Finance, Vienna

Closing speech:
Michael Wohlgemuth
Open Europe Berlin

Moderation:
Barbara Kolm
Director Austrian Economics Center (Vienna)

5:30 p.m. Reception at the Austrian Embassy Berlin

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