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Das Rätsel der Niedrigzinsphase

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  • Homburg, Stefan
  • Knolle, Julia

Abstract

Der Artikel untersucht, ob die in Deutschland seit der Großen Rezession herrschenden niedrigen Zinsen eine niedrige Kapitalproduktivität indizieren. Misst man die Grenzproduktivität des Kapitals anhand der gewogenen Eigen- und Fremdkapitalkosten (WACC), ist dies im Ergebnis zu verneinen. Anhand proprietärer Daten von Bloomberg zeigt der Artikel, dass die Kapitalkosten in Deutschland keineswegs auf Null gefallen sind. Im Durchschnitt lagen sie bei 10 Prozent und niemals tiefer als 6 Prozent.

Suggested Citation

  • Homburg, Stefan & Knolle, Julia, 2017. "Das Rätsel der Niedrigzinsphase," Hannover Economic Papers (HEP) dp-591, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    • Handle: RePEc:han:dpaper:dp-591
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    File URL: http://diskussionspapiere.wiwi.uni-hannover.de/pdf_bib/dp-591.pdf
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    References listed on IDEAS

    as
    1. Julia, Knolle, 2014. "An Empirical Comparison of Interest and Growth Rates," MPRA Paper 59520, University Library of Munich, Germany.
    2. Knolle, Julia & Lehmann, Kai, 2016. "An Empirical Assessment of Global Capital Productivity," Hannover Economic Papers (HEP) dp-574, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
    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

    Keywords

    WACC; Kapitalkosten; Zinsen; Säkulare Stagnation;
    All these keywords.

    JEL classification:

    • 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
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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