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Autor:innen: 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
ROME Discussion Paper Series No. 16-03
Verlag: 
Research On Money in the Economy (ROME), s.l.
Zusammenfassung: 
Post Keynesian stagnation theory argues that slower population growth dampens consumption and investment. A New Keynesian OLG model derives an unemployment equilibrium due to a negative natural rate in a three-generations credit contract framework. Besides deleveraging or rising inequality, also a shrinking population is a triggering factor. In all cases, a saving surplus drives real interest rates down. In other OLG settings however, with bonds as stores of value, slower population growth, on the contrary, causes a lack of saving and thus rising rates. Moreover, the recent fall in market interest rates was brought about by monetary factors.
Schlagwörter: 
overlapping generations
zero lower bound
deflation equilibrium
natural versus market interest rates
JEL: 
E12
E21
E43
J11
Dokumentart: 
Working Paper

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