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Das Rätsel der Niedrigzinsphase
[The Conundrum of Low Interest Rates]

Author

Listed:
  • Stefan Homburg

    (Leibniz Universität Hannover)

  • Julia Knolle

    (Leibniz Universität Hannover)

Abstract

Zusammenfassung Die Niedrigzinsphase im Nachgang der Finanzkrise 2007/2008 wird von einigen Ökonomen als Ergebnis einer geringen Kapitalproduktivität, d.h. einer „säkularen Stagnation“, erklärt. Die Autoren kommen im Rahmen einer empirischen Untersuchung für Deutschland von 2000 bis 2016 zu dem Ergebnis, dass die Kapitalkosten — dominiert von den hohen Eigenkapitalkosten — über die letzten 16 Jahre durchaus nicht auf die Nulllinie gesunken sind. Dabei harmonieren sie gut mit der Entwicklung der letzten Jahre, die durch moderates Wirtschaftswachstum bei geringer Arbeitslosigkeit gekennzeichnet war.

Suggested Citation

  • Stefan Homburg & Julia Knolle, 2017. "Das Rätsel der Niedrigzinsphase [The Conundrum of Low Interest Rates]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 97(4), pages 290-293, April.
    • Handle: RePEc:spr:wirtsc:v:97:y:2017:i:4:d:10.1007_s10273-017-2132-3
    DOI: 10.1007/s10273-017-2132-3
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    References listed on IDEAS

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    1. Knolle, Julia & Lehmann, Kai, 2016. "An Empirical Assessment of Global Capital Productivity," Hannover Economic Papers (HEP) dp-574, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    2. Julia, Knolle, 2014. "An Empirical Comparison of Interest and Growth Rates," MPRA Paper 59520, University Library of Munich, Germany.
    3. Carl Christian von Weizsäcker, 2014. "Public Debt and Price Stability," German Economic Review, Verein für Socialpolitik, vol. 15(1), pages 42-61, February.
    4. Spengel, Christoph & Bergner, Sören, 2015. "Investitionswirkungen der deutschen Unternehmensbesteuerung im internationalen Vergleich," Working Papers 05/2015, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung.
    5. Homburg, Stefan, 2017. "A Study in Monetary Macroeconomics," OUP Catalogue, Oxford University Press, number 9780198807537, Decembrie.
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    Cited by:

    1. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.

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    More about this item

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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