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Geldpolitischer Aktionismus, Ersparnisbildung und Kapitalallokation – Einige ökonomische Überlegungen

Author

Listed:
  • Prinz Aloys

    (Universität Münster, Institut für Finanzwissenschaft II, Wilmergasse 6–8 48143 MünsterGermany)

  • Beck Hanno

    (Hochschule Pforzheim, Tiefenbronner Straße 65, 75175 PforzheimGermany)

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.

Suggested Citation

  • Prinz Aloys & Beck Hanno, 2018. "Geldpolitischer Aktionismus, Ersparnisbildung und Kapitalallokation – Einige ökonomische Überlegungen," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 67(1), pages 101-124, May.
    • Handle: RePEc:lus:zwipol:v:67:y:2018:i:1:p:101-124:n:3
    DOI: 10.1515/zfwp-2018-0003
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    References listed on IDEAS

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    More about this item

    Keywords

    Geldpolitik; Nullzinsen; Sparen; Kreditaufnahme; Vermögenspreisinflation; monetary policy; zero interest rates; saving; borrowing; asset price inflation; Geldpolitik; Nullzinsen; Sparen; Kreditaufnahme; Vermögenspreisinflation;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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