Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/206403
Authors: 
Spahn, Peter
Year of Publication: 
2019
Series/Report no.: 
Hohenheim Discussion Papers in Business, Economics and Social Sciences No. 10-2019
Abstract: 
The current debate whether zero interest rates are caused by a saving glut or a liquidity glut is resolved by the distinction between the market and the natural rate, where saving affects only the latter variable, and monetary policy mainly the first. This topic is linked to a second one: the monetary determination of the rate of profit in Keynesian capital theory. Both topics merge in a critical review of Keynes's vision of the "euthanasia of the rentier". The data show however that we have not reached a state of capital satiation. The rising gap between the rate of profit and the rate of interest poses a challenge for capital theory.
Subjects: 
saving vs. liquidity
zero interest rates
capital satiation
JEL: 
B1
E4
E5
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.