Geldpolitischer Aktionismus, Ersparnisbildung und Kapitalallokation – Einige ökonomische Überlegungen

Prinz Aloys () and Beck Hanno ()
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Prinz Aloys: Universität Münster, Institut für Finanzwissenschaft II, Wilmergasse 6–8 48143 MünsterGermany
Beck Hanno: Hochschule Pforzheim, Tiefenbronner Straße 65, 75175 PforzheimGermany

Zeitschrift für Wirtschaftspolitik, 2018, vol. 67, issue 1, 101-124

Abstract: This paper deals with the microeconomic consequences of low and zero interest rates, respectively. Households are assumed to decide on nominal rather than real values. As a first consequence, household decisions to save and to borrow are biased. In this way, the net savers' welfare is reduced. Moreover, private households may also suffer an additional welfare loss, because they are forced by monetary policy to invest their portfolios in assets with either lower expected returns or higher risks. In addition, if households invest in existing assets, asset prices may inflate. This could lead to greater risks for financial stability. Taken together, it is hardly plausible that this will not have negative macroeconomic consequences.

Keywords: Geldpolitik; Nullzinsen; Sparen; Kreditaufnahme; Vermögenspreisinflation; monetary policy; zero interest rates; saving; borrowing; asset price inflation; Geldpolitik; Nullzinsen; Sparen; Kreditaufnahme; Vermögenspreisinflation (search for similar items in EconPapers)
JEL-codes: D14 D91 E43 E52 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1515/zfwp-2018-0003

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