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Der Zinssatz ist kein Preis
[The Interest Rate Should not be Interpreted as a Price]

Author

Listed:
  • Martin Hellwig

    (Max-Planck-Institut)

Abstract

Zusammenfassung Die Interpretation des Zinssatzes als Preis ist problematisch. Im Gegensatz zum Preis ist der Zinssatz kein Austauschverhältnis. Modelle, in denen der Zinssatz mit einem Preis für die Nutzung von Kapital identifiziert werden kann, sind sehr speziell. In allgemeineren Modellen sind Zinssatz und Mietpreise für Kapital verschieden. Die dogmengeschichtliche Entwicklung hinter dieser Diskussion deutet auf eine apologetische Funktion der Interpretation des Zinssatzes als Mietpreis für Kapital. Im Hintergrund steht die Frage, in welchen Einheiten Zinssatz und „Kapital“ gemessen werden.

Suggested Citation

  • Martin Hellwig, 2021. "Der Zinssatz ist kein Preis [The Interest Rate Should not be Interpreted as a Price]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 101(11), pages 862-869, November.
    • Handle: RePEc:spr:wirtsc:v:101:y:2021:i:11:d:10.1007_s10273-021-3051-x
    DOI: 10.1007/s10273-021-3051-x
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    References listed on IDEAS

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    2. Martin F. Hellwig, 2021. "Safe Assets, Risky Assets, and Dynamic Inefficiency in Overlapping-Generations Economies," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2021_10, Max Planck Institute for Research on Collective Goods.
    3. Bliss, C. J., 1975. "Capital Theory and the Distribution of Income," Elsevier Monographs, Elsevier, edition 1, number 9780720436044 edited by Bliss, C. J..
    4. Hellwig Martin F., 2022. "Dynamic inefficiency and fiscal interventions in an economy with land and transaction costs," German Economic Review, De Gruyter, vol. 23(1), pages 21-60, February.
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    More about this item

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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