{"id":7852,"date":"2014-11-04T22:23:16","date_gmt":"2014-11-04T21:23:16","guid":{"rendered":"http:\/\/blog.zeit.de\/herdentrieb\/?p=7852"},"modified":"2014-11-07T10:51:50","modified_gmt":"2014-11-07T09:51:50","slug":"hans-werner-sinn-will-mehr-inflation","status":"publish","type":"post","link":"https:\/\/blog.zeit.de\/herdentrieb\/2014\/11\/04\/hans-werner-sinn-will-mehr-inflation_7852","title":{"rendered":"Hans-Werner Sinn will mehr Inflation"},"content":{"rendered":"<p>Wir kennen Hans-Werner Sinn als Gro\u00dfkritiker jeder Form einer expansiven Geldpolitik der Europ\u00e4ischen Zentralbank (EZB), die wahlweise die Sparer enteignet oder den deutschen Steuerzahler schr\u00f6pft.<\/p>\n<p>Nun bin dank <a href=\"http:\/\/www.makrointelligenz.blogspot.de\/?view=classic\" target=\"_blank\">Makrointelligenz<\/a>\u00a0auf ein sehr interessantes <a href=\"http:\/\/www.ifo-dresden.de\/pls\/guestci\/download\/CESifo%20Working%20Papers%202000\/CESifo%20Working%20Papers%20December%202000\/cesifo_wp377.pdf\" target=\"_blank\">Papier<\/a> von Sinn aus dem Jahr 2000 gesto\u00dfen. Darin pl\u00e4diert er auf Basis einer Balassa-Samuelson-Analyse daf\u00fcr, dass die EZB eine Inflationsrate von mindestens 2,5 Prozent anpeilen sollte, um Deflation zu verhindern.<!--more--><\/p>\n<p>Hier aus der Schlussfolgerung:<\/p>\n<p style=\"padding-left: 30px;\"><em>In light of nominal price rigidities some inflation is needed <strong>to allow for a decline of\u00a0relative prices<\/strong> and to provide the economy with the necessary flexibility to accommodate\u00a0structural change<br \/>\n<\/em><\/p>\n<p>Und weiter:<\/p>\n<p style=\"padding-left: 30px;\"><em>We find that the ECB has to tolerate roughly\u00a0one additional percentage point of inflation in the aggregate beyond what had been considered\u00a0appropriate for Germany alone. The Bundesbank traditionally had aimed at an inflation rate of\u00a01.5% to accommodate for Germany\u2019s internal structural change. If this target remains valid\u00a0for Germany within the European currency union, <strong>the euro-11 countries need an aggregate\u00a0inflation target of about 2.5% or more<\/strong><\/em><\/p>\n<p>Ganz generell scheint Sinn damals noch keine Angst vor steigenden Preisen gehabt zu haben.<\/p>\n<p style=\"padding-left: 30px;\"><em>However, as long as<strong> the evidence of economic costs of moderate inflation<\/strong> rates remains as\u00a0weak as it is, we conclude from our analysis that the ECB should tolerate a substantially\u00a0higher inflation rate in Europe than the Bundesbank used to in Germany<\/em><\/p>\n<p>Nun hat Sinn auch in j\u00fcngeren Beitr\u00e4gen auf die Bedeutung der Inflation f\u00fcr Preisanpassungen hingewiesen, wenn die Fernsehkameras an sind, spricht er dar\u00fcber jedoch nicht. Als Kronzeuge f\u00fcr die AfD jedenfalls d\u00fcrfte er sich damit disqualifiziert haben.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wir kennen Hans-Werner Sinn als Gro\u00dfkritiker jeder Form einer expansiven Geldpolitik der Europ\u00e4ischen Zentralbank (EZB), die wahlweise die Sparer enteignet oder den deutschen Steuerzahler schr\u00f6pft. Nun bin dank Makrointelligenz\u00a0auf ein sehr interessantes Papier von Sinn aus dem Jahr 2000 gesto\u00dfen. Darin pl\u00e4diert er auf Basis einer Balassa-Samuelson-Analyse daf\u00fcr, dass die EZB eine Inflationsrate von mindestens [&hellip;]<\/p>\n","protected":false},"author":215,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-7852","post","type-post","status-publish","format-standard","hentry","category-der-aktuelle-rand"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hans-Werner Sinn will mehr Inflation - Herdentrieb<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.zeit.de\/herdentrieb\/2014\/11\/04\/hans-werner-sinn-will-mehr-inflation_7852\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hans-Werner Sinn will mehr Inflation - Herdentrieb\" \/>\n<meta property=\"og:description\" content=\"Wir kennen Hans-Werner Sinn als Gro\u00dfkritiker jeder Form einer expansiven Geldpolitik der Europ\u00e4ischen Zentralbank (EZB), die wahlweise die Sparer enteignet oder den deutschen Steuerzahler schr\u00f6pft. Nun bin dank Makrointelligenz\u00a0auf ein sehr interessantes Papier von Sinn aus dem Jahr 2000 gesto\u00dfen. 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