Year: 2016
Author: Demary, Markus
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 85 (2016), Iss. 1 : pp. 159–172
Abstract
The low interest rate environment is less due to monetary policy and more due to global trends in investment and savings as well as a crisis-induced reduction in investment. Finishing the balance sheet recession can lead to a higher interest rate level in the medium-run through higher investment. A higher natural real interest rate would enable central banks to lift their policy interest rates without hindering economic recovery. A higher natural real interest rate level would also foster the efficacy of monetary policy by making future problems arising from the zero lower bound less frequent. For this, structural reforms, which dampen the effects of demography on savings and on the natural real interest rate, are needed.
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/vjh.85.1.159
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 85 (2016), Iss. 1 : pp. 159–172
Published online: 2016-03
AMS Subject Headings: Duncker & Humblot, Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 14
Keywords: Deflation inflation interest rates investment monetary policy savings Zero Lower Bound E31 E43 E44 E52 E21 E22
Author Details
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