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Lassen sich aus den Ursachen des Niedrigzinsumfeldes Wege für eine Zinswende ableiten?
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 85 (2016), Iss. 1 : pp. 159–172
1 Citations (CrossRef)
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Institut der deutschen Wirtschaft Köln
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Renditen privater Haushalte nach Vermögensgruppen — Deutschland versus Österreich
Andreasch, Michael
Radke, Marc Peter
Rupprecht, Manuel
Wirtschaftsdienst, Vol. 100 (2020), Iss. 6 P.446
https://doi.org/10.1007/s10273-020-2679-2 [Citations: 1]
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.