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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 Münster Germany)

  • Beck Hanno

    (Hochschule Pforzheim, Tiefenbronner Straße 65, 75175 Pforzheim Germany)

Abstract

In diesem Beitrag wird untersucht, wie private Haushalte auf Niedrig- bzw. Nullzinsen reagieren. Dabei wird angenommen, dass die Haushalte sich an Nominalwerten orientieren. Die stark expansive Geldpolitik mit sehr geringen Zinsen verzerren die Ersparnisbildung und die Risikoallokation privater Portfolios. Dies senkt das Nutzenniveau der Sparer-Haushalte. Darüber hinaus sind die Haushalte doppelt negativ von der Geldpolitik betroffen, da die Anlageerträge nicht nur geringer, sondern auch riskanter geworden sind. Des Weiteren kann eine Niedrig- bzw. Nullzinspolitik Vermögensmarkteffekte auslösen, wenn sie Anlagemittel auf bestehende Vermögensgüter umleitet. Deren Preise können dadurch inflatorisch erhöht werden, was letztlich zu Vermögenspreisblasen führen kann. Alles zusammengenommen ist kaum auszuschließen, dass diese Effekte auch makroökonomisch negative Folgewirkungen nach sich ziehen.

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

    D14; D91; E43; E52; 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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