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Ursachen und Konsequenzen von Niedrigzinsen
[Causes and Consequences of Low Interest Rates]

Author

Listed:
  • Benjamin Grosse-Rueschkamp

    (European School of Management and Technology)

  • Jörg Rocholl

    (European School of Management and Technology)

Abstract

Zusammenfassung Die anhaltende Niedrigzinsphase stellt Wirtschaft und Gesellschaft vor große Herausforderungen und wird daher in Wissenschaft und Öffentlichkeit intensiv diskutiert. Dieser Beitrag zeichnet die internationale wissenschaftliche Debatte nach und fasst die verschiedenen Argumente und empirischen Erkenntnisse zusammen. Nominal- und Realzinssätze sind seit mehr als drei Jahrzehnten global rückläufig und entziehen sich damit vermeintlich einfachen geldpolitischen Erklärungsansätzen. Vielmehr ergeben sich strukturelle Erklärungsansätze als wesentlicher Treiber dieser Entwicklung. Darüber hinaus zieht dieser Beitrag Schlüsse aus den empirischen Erkenntnissen und leitet daraus potentielle Konsequenzen sowie Handlungsempfehlungen für unterschiedliche ökonomische Akteure ab. Diskutiert werden Folgen insbesondere für die Übertragungsmechanismen der Geldpolitik, für Finanzintermediäre, für die Unternehmen der Realwirtschaft sowie für Politik und Haushalte.

Suggested Citation

  • Benjamin Grosse-Rueschkamp & Jörg Rocholl, 2020. "Ursachen und Konsequenzen von Niedrigzinsen [Causes and Consequences of Low Interest Rates]," Schmalenbach Journal of Business Research, Springer, vol. 72(4), pages 401-421, December.
    • Handle: RePEc:spr:sjobre:v:72:y:2020:i:4:d:10.1007_s41471-020-00099-w
    DOI: 10.1007/s41471-020-00099-w
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    References listed on IDEAS

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