Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/173010
Authors: 
Duarte, Pablo
Schnabl, Gunther
Year of Publication: 
2017
Series/Report no.: 
CESifo Working Paper 6734
Abstract: 
Based on the concepts of justice by Hayek, Rawls and Buchanan we argue that the growing political dissatisfaction in industrialized countries is rooted in the asymmetric pattern in monetary policies since the 1980s for two reasons. First, the structurally declining interest rates and the unconventional monetary policy measures have granted privileges to specific groups. Second, the increasingly expansionary monetary policies have negative growth effects, which reduce the scope for compensation of the ones excluded from the privileges. The result is the fading acceptance of the economic order and growing political instability.
Subjects: 
Hayek
Rawls
Buchanan
privileges
inequality
monetary policy
order of rules
difference principle
economic order
JEL: 
D63
E02
E52
Document Type: 
Working Paper

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