{"id":53015,"date":"2023-12-01T18:03:06","date_gmt":"2023-12-01T17:03:06","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/niedrigzinsen-ezb-politik-oder-oekonomisches-gesetz\/"},"modified":"2025-10-22T22:16:46","modified_gmt":"2025-10-22T20:16:46","slug":"niedrigzinsen-ezb-politik-oder-oekonomisches-gesetz","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/53015\/","title":{"rendered":"Niedrigzinsen: EZB-Politik oder \u00f6konomisches Gesetz"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-53015","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Die lockere Geldpolitik der EZB wird von vielen daf\u00fcr kritisiert, dass sie den Sparern schade. Die Evidenz spricht aber daf\u00fcr, dass die EZB-Politik zwar die Tendenz zu niedrigen Zins\u00e4tzen verst\u00e4rkt haben mag. Grunds\u00e4tzlich sind die niedrigen Zinss\u00e4tze aber durch den weltweiten Kapital\u00fcberschuss verursacht. Dieser wiederum ist entstanden, weil Realinvestitionen in der EU im Vergleich zum Kapitalangebot zu niedrig sind und verunsichernde weltwirtschaftliche Verwerfungen zu niedrigeren Wachstumsraten f\u00fchren, weil Staatsdefizite abgebaut werden und weil eine zunehmend ungleiche Einkommens- und Verm\u00f6gensverteilung zu h\u00f6heren Ersparnissen f\u00fchrt.","onlinedate":"2019-03-01 01:00:00","lang":"German","publication_series":"","publication_date":"20190301","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"EZB-Politik\",\"Nullzinsen\",\"Spar\u00fcberschuss\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"https:\/\/www.wifo.ac.at\/wwa\/pubid\/61695","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"99","monthly_report_pages":"203-220","monthly_report_pages_sort":"203","issue":"3","journal":"Wirtschaftsdienst","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[4877],"persons_data":"[{\"personId\":4877,\"personName\":\"Gunther Tichy\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.5 (Yoast SEO v26.5) - 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