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2020 ; 72
(4
): 401-421
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Ursachen und Konsequenzen von Niedrigzinsen
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Grosse-Rueschkamp B
; Rocholl J
Schmalenbach Z Betriebswirtsch Forsch
2020[]; 72
(4
): 401-421
PMID34764537
show ga
The sustained low-interest rate environment raises several economic challenges.
These challenges as well as the underlying causes are subject to an intense
economic debate. This article, traces the scientific debate by laying out the
theoretical and empirical arguments. As not only nominal, but also real rates
have decreased in most developed economies over a long period of time, monetary
policy is unlikely to be the major driver of the development. In contrast,
theories that explain the decline in interest rates with structural changes in
the demand and supply of capital are consistent with the empirical evidence and
offer a more convincing explanation. Beyond an analysis of the roots of the
decrease, we discuss potential economic consequences of persistently low interest
rates. In particular, we discuss evidence of how the transmission channels of
monetary policy, financial intermediaries, non-financial companies as well
households are affected by the low-interest rate environment. Finally, we provide
policy recommendations.
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