IDEAS home Printed from https://ideas.repec.org/a/ces/ifosdt/v68y2015i07p43-50.html
   My bibliography  Save this article

Wie teuer ist die Niedrigzinspolitik der EZB für Deutschland?

Author

Listed:
  • Gerhard Rösl
  • Karl-Heinz Tödter

Abstract

Seit Frühjahr 2010 wurden die Nominalzinsen im Euroraum durch eine massive Politik des billigen Geldes auf historische Tiefstände gedrückt. Gerhard Rösl, Ostbayerische Technische Hochschule Regensburg und Karl-Heinz Tödter, Bundesbankdirektor a.D., beschäftigen sich mit den Kosten dieser Geldpolitik.

Suggested Citation

  • Gerhard Rösl & Karl-Heinz Tödter, 2015. "Wie teuer ist die Niedrigzinspolitik der EZB für Deutschland?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(07), pages 43-50, April.
    • Handle: RePEc:ces:ifosdt:v:68:y:2015:i:07:p:43-50
    as

    Download full text from publisher

    File URL: https://www.ifo.de/DocDL/ifosd_2015_07_4.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Gunther Schnabl, 2014. "Negative Umverteilungs effekte und Reallohnrepression durch unkonventionelle Geldpolitik," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(11), pages 792-797, November.
    2. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66(6), pages 467-467.
    3. Axel Börsch‐Supan & Martin Gasche & Michael Ziegelmeyer, 2010. "Auswirkungen der Finanzkrise auf die private Altersvorsorge," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(4), pages 383-406, November.
    4. Martin S. Feldstein, 1999. "Capital Income Taxes and the Benefit of Price Stability," NBER Chapters, in: The Costs and Benefits of Price Stability, pages 9-46, National Bureau of Economic Research, Inc.
    5. Karl-Heinz Todter & Gerhard Ziebarth, 1999. "Price Stability versus Low Inflation in Germany: An Analysis of Costs and Benefits," NBER Chapters, in: The Costs and Benefits of Price Stability, pages 47-94, National Bureau of Economic Research, Inc.
    6. Andreas Hoffmann & Holger Zemanek, 2012. "Financial repression and debt liquidation in the USA and the euro area," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 47(6), pages 344-351, November.
    7. Stefan Homburg & Bernhard Herz & Alexander Erler & Thomas Mayer & Arne Heise & Ulrike Neyer, 2013. "Finanzielle Repression — ein Instrument zur Bewältigung der Krisenfolgen?," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(11), pages 731-750, October.
    8. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, April.
    9. Robert A. Pollak, 1975. "The Intertemporal Cost of Living Index," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 4, number 1, pages 179-198, National Bureau of Economic Research, Inc.
    10. Martin Feldstein, 1999. "The Costs and Benefits of Price Stability," NBER Books, National Bureau of Economic Research, Inc, number feld99-1.
    11. Carmen M. Reinhart & M. Belen Sbrancia1, 2015. "The liquidation of government debt," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 30(82), pages 291-333.
    12. Bucher, Monika & Neyer, Ulrike, 2014. "Der Einfluss des (negativen) Einlagesatzes der EZB auf die Kreditvergabe im Euroraum," DICE Ordnungspolitische Perspektiven 64, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    13. Markus Kerber, 2013. "Der Europäische Stabilitätsmechanismus ist eine Hydra," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(7), pages 455-461, July.
    14. Karl-Heinz Tödter & Bernhard Manzke, 2009. "The Welfare Effects of Inflation: A Cost–Benefit Perspective," Chapters, in: Robert J. Brent (ed.), Handbook of Research on Cost–Benefit Analysis, chapter 10, Edward Elgar Publishing.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gerhard Rösl & Karl-Heinz Tödter, 2015. "Zins- und Wohlfahrtseffekte extremer Niedrigzinspolitik für die Sparer in Deutschland," ROME Working Papers 201501, ROME Network.
    2. Gerhard R?sl & Karl-Heinz T?dter, 2015. "The Costs and Welfare Effects of ECB's Financial Repression Policy: Consequences for German Savers," Review of Economics & Finance, Better Advances Press, Canada, vol. 5, pages 42-59, November.
    3. Gerhard Rösl & Karl-Heinz Tödter, 2017. "The Financial Repression Policy of the European Central Bank: Interest Income and Welfare Losses for German Savers," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(1), pages 05-08, 04.
    4. repec:zbw:bofitp:2002_016 is not listed on IDEAS
    5. Blaszkiewicz, Monika & Konieczny, Jerzy & Myslinska, Anna & Radziwil, Artur & Przemyslaw, Wozniak, 2002. "Some benefits of reducing inflation in transition economies," BOFIT Discussion Papers 16/2002, Bank of Finland Institute for Emerging Economies (BOFIT).
    6. Olga A. Norkina & Sergey E. Pekarski, 2014. "Optimal Financial Repression," HSE Working papers WP BRP 81/EC/2014, National Research University Higher School of Economics.
    7. Gerhard Rösl & Karl-Heinz Tödter, 2017. "The Financial Repression Policy of the European Central Bank: Interest Income and Welfare Losses for German Savers," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 15(01), pages 05-08, April.
    8. repec:ces:ifodic:v:15:y:2017:i:1:p:19307478 is not listed on IDEAS
    9. Blaszkiewicz, Monika & Konieczny, Jerzy & Myslinska, Anna & Radziwil, Artur & Przemyslaw, Wozniak, 2002. "Some benefits of reducing inflation in transition economies," BOFIT Discussion Papers 16/2002, Bank of Finland, Institute for Economies in Transition.
    10. Radwanski, Juliusz, 2020. "On the Purchasing Power of Money in an Exchange Economy," MPRA Paper 104244, University Library of Munich, Germany.
    11. Janet L. Yellen, 2015. "Inflation Dynamics and Monetary Policy : A speech at the Philip Gamble Memorial Lecture, University of Massachusetts, Amherst, Amherst, Massachusetts, September 24, 2015," Speech 863, Board of Governors of the Federal Reserve System (U.S.).
    12. Elmendorf, Douglas W. & Gregory Mankiw, N., 1999. "Government debt," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669, Elsevier.
    13. Kozo Ueda, 2001. "Costs of Inflation in Japan: Tax and Resource Allocation," Bank of Japan Working Paper Series Research and Statistics D, Bank of Japan.
    14. Andersen, Torben M. & Bhattacharya, Joydeep, 2013. "Unfunded Pensions And Endogenous Labor Supply," Macroeconomic Dynamics, Cambridge University Press, vol. 17(5), pages 971-997, July.
    15. Torben M. Andersen & Marias H. Gestsson, 2010. "Longevity, Growth and Intergenerational Equity - The Deterministic Case," Economics wp52, Department of Economics, Central bank of Iceland.
    16. Marchand, Maurice & Michel, Philippe & Pestieau, Pierre, 1996. "Intergenerational transfers in an endogenous growth model with fertility changes," European Journal of Political Economy, Elsevier, vol. 12(1), pages 33-48, April.
    17. Jacques Le Cacheux & Vincent Touzé, 2003. "Vieillissement et richesse des nations," Revue de l'OFCE, Presses de Sciences-Po, vol. 86(3), pages 231-275.
    18. Mark Pingle & Leigh Tesfatsion, 1993. "``Active Intermediation in a Monetary Overlapping Generations Economy''," Macroeconomics 9312001, University Library of Munich, Germany, revised 04 Dec 1993.
    19. repec:spo:wpmain:info:hdl:2441/3tjqcugffh9i1qqufo79qh86il is not listed on IDEAS
    20. Honohan, Patrick, 2003. "Avoiding the pitfalls in taxing financial intermediation," Policy Research Working Paper Series 3056, The World Bank.
    21. He, Qichun, 2013. "Creative Destruction with Credit Inflation," MPRA Paper 48766, University Library of Munich, Germany.
    22. Burda, Michael C., 2021. "Valuing cryptocurrencies: Three easy pieces," IRTG 1792 Discussion Papers 2021-011, Humboldt University of Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series".
    23. Franklin Allen & Gadi Barlevy & Douglas Gale, 2017. "On Interest Rate Policy and Asset Bubbles," Working Paper Series WP-2017-16, Federal Reserve Bank of Chicago.

    More about this item

    Keywords

    Niedrigzinspolitik; Geldpolitik; EZB; Deutschland;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:ifosdt:v:68:y:2015:i:07:p:43-50. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/ifooode.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.