Bøger af Heiko Schmolke

This research analyzes the impact of the U.S. Fed bond-buying program on the economy since 2008 and on inflation in particular. The theoretical basics for understanding the present monetary system are illustrated by introducing the monetary multiplier with its corresponding ratios and parameters. The current scientific consensus is also examined by analyzing the latest publications and papers of acknowledged economists. In addition, statistics on money supply and inflation show that the Quantitative Easing Programs from the Fed have no current impact on inflation, which can be considered as reassuring but also alarming. A dramatic buildup of excess reserves as a byproduct of QE is worrying. The largest concern about the end of QE is how to reduce these excess reserves appropriately. Experiences from the Bank of Japan during their orderly exit from Quantitative Easing provide some strategies and alternatives how the Fed can reduce the enormous amount of reserves. Furthermore, the lessons learned from the BoJ show that the composition of assets the Fed has acquired will for the most part determine their approach to exit. This investigation was created as part of a seminar paper of MBA studies at the FOM University of Applied Sciences Berlin, Germany.

Seminar paper from the year 2015 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University of Applied Sciences Berlin (Business & Management), language: English, abstract: This study evaluates the relevance of contingency under ontological and modal logical aspects for strategic corporate management. To emphasize the relevance of this approach, current conditions in economy, society and science are described in a context which leads to the problem statement. The meaning, purpose and structure of strategic corporate management is shown to provide an overview of the key elements that are relevant for this study. In this context, the contingency approach is differentiated from the well-known situational approach (contingency approach), that was developed in the 60s of the 20th century by British and American scientists. The more general meaning of contingency is analyzed under ontological aspects by using the essential core of Richard Rorty's theoretical approach on contingency which leads to the most relevant factors: luck and serendipity. The theoretical and fundamental significance of this evidence for strategic corporate management is subsequently shown by two empirical examples. This practical view provides the contextual relevance and shows why the approach and statement of this study can be considered as the most relevant for the first major success and economic breakthrough of the chosen examples: Facebook Inc. and Google Inc. A conclusion finally recommends awareness to consider contingency in strategic findings under the premises of strategic foresight.

Central banks around the world have lowered their key interest rates to historical lows and implemented large asset purchase programs in the past few years. Within the scientific and, most recently, also increasingly in the political debate, the nominal interest rate is mainly the subject of discussion. The question is often raised whether saving and retirement provision are still worthwhile for private households, especially in Germany. In this context it is often ignored or not considered that the purchasing power of the nominal interest rates fluctuates considerably with the inflation rate. Inflation-adjusted real interest rates are therefore decisive for the actual income from financial assets and crucial for the savings and investment behavior. This study, therefore, shall play ist part to investigate scientifically the influence and correlation of low and negative key interest rates on yield levels of selected asset classes within the sphere of influence of the European Central Bank. In this context, the mainly populist question is also answered whether savers are expropriated slowly.