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Geldpolitische Transmissionsmechanismen

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Notes

  1. 1.

    Für einen Vergleich mit Tobin’s q Ansatz vgl. Bosworth (1975) und Hayashi (1982).

  2. 2.

    Geldpolitisch getriebene Immobilienpreise treiben die Konsumausgaben und deshalb auch die aggregierte Nachfrage und die Inflation über Bilanz und Kredit‐Kanal‐Effekte nach oben. Gemäß Gros (2007) besteht die direkteste Verbindung zwischen Immobilienpreisen und der Inlandsnachfrage über die Bautätigkeit und insbesondere den Häuserbau (Wohnungen).

  3. 3.

    Mishkin (1996, 1999) stuft diesen Mechanismus als sehr wichtig für die vergangenen Finanzkrisen in Mexiko und Ostasien ein.

  4. 4.

    Siehe z. B. Flood und Rose (1995, 1999), Kuttner und Mosser (2002) und Kuttner und Posen (2001).

  5. 5.

    Johnson et al. (1999) führen aus, dass in den USA während der Großen Depression und in jüngerer Zeit auch in Japan nominale Zinssätze kurzzeitig auch unterhalb die Nullgrenze gefallen sind.

  6. 6.

    Bei unsterilisierten Interventionen wechselt die Notenbank Geld oder Reserven für Wertpapiere in ausländischer Währung mit dem Ergebnis ein, dass sich die heimische monetäre Basis ändert und sich damit normalerweise auch die heimischen Zinssätze verändern. Bei sterilisierten Interventionen wird hingegen die Veränderung in der heimischen Geldbasis durch den Kauf oder Verkauf heimischer Wertpapiere kompensiert, wodurch inländische Zinssätze normalerweise unverändert bleiben.

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  1. Universität Duisburg-Essen, Essen, Deutschland

    Prof. Ansgar Belke & Dr. Ingo Bordon

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  3. Institut für Öffentliche Finanzen und Public Management/Finanzwissenschaft, Universität Leipzig, Leipzig, Germany

    Thomas Lenk

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Belke, A., Bordon, I. (2017). Geldpolitische Transmissionsmechanismen. In: Neubäumer, R., Hewel, B., Lenk, T. (eds) Volkswirtschaftslehre. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-16523-9_28

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