The Interest Rate Should not be Interpreted as a Price

Abstract The paper criticises interpretations of the interest rate as a price. Prices are exchange ratios for different objects; the interest rate is a parameter characterising an intertemporal exchange ratio but is not itself an exchange ratio. Therefore, negative (real) interest rates can arise na...

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Autor principal: Martin Hellwig
Formato: article
Lenguaje:DE
Publicado: Springer 2021
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Acceso en línea:https://doaj.org/article/e9fc9e9dc2d644d0aa752442bbe45151
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