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Der Zinssatz ist kein Preis
[The Interest Rate Should not be Interpreted as a Price]

Author

Listed:
  • Martin Hellwig

    (Max-Planck-Institut)

Abstract

Zusammenfassung Die Interpretation des Zinssatzes als Preis ist problematisch. Im Gegensatz zum Preis ist der Zinssatz kein Austauschverhältnis. Modelle, in denen der Zinssatz mit einem Preis für die Nutzung von Kapital identifiziert werden kann, sind sehr speziell. In allgemeineren Modellen sind Zinssatz und Mietpreise für Kapital verschieden. Die dogmengeschichtliche Entwicklung hinter dieser Diskussion deutet auf eine apologetische Funktion der Interpretation des Zinssatzes als Mietpreis für Kapital. Im Hintergrund steht die Frage, in welchen Einheiten Zinssatz und „Kapital“ gemessen werden.

Suggested Citation

  • Martin Hellwig, 2021. "Der Zinssatz ist kein Preis [The Interest Rate Should not be Interpreted as a Price]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(11), pages 862-869, November.
    • Handle: RePEc:spr:wirtsc:v:101:y:2021:i:11:d:10.1007_s10273-021-3051-x
    DOI: 10.1007/s10273-021-3051-x
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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