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Olah, Norbert
Huth, Thomas
Löhr, Dirk
Year of Publication: 
Series/Report no.: 
University of Lüneburg Working Paper Series in Economics 179
From the normatively given aims of the macroeconomic equilibrium, which describe the target state of an economy system, necessary conditions are derived at an optimal growth path with maximum consumption and maximum profits on the interest structure of a market economy, by using the golden rule of capital accumulation of Allais and the own-rate of interest theory of Keynes. From the conditions for an optimal interest structure a new monetary policy is developed, which promises stability without compound interest effect, growth without compulsion, stability of prices and full employment payable from interest savings.
liquidity premium
liquidity trap
liquidity charges
interest structure
own-rate of interest
negative interest
neutral liquidity
optimal liquidity
neutral money
optimal growth path
Allais theorem
golden rule of capital accumulation
quantity equation
circulation safeguarding
price stability
monetary policy
monetary order policy
Document Type: 
Working Paper

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