| 来源类型 | VoxEU Column |
| 规范类型 | 评论 |
| The portfolio rebalancing effects of the ECB's asset purchase programme | |
| Giovanna Bua; Peter G Dunne | |
| 发表日期 | 2017-08-10 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | There is a broad consensus that the global decline in real interest rates can be explained with a higher propensity to save, above all due to demographic reasons. This column argues that this view relies on a commodity theory of finance, which is inadequate for analysis of real world phenomena. In a monetary theory of finance, household saving does not release funds for investment, it simply redistributes existing funds. In addition, the column shows that at the global level, the gross household saving rate has declined since the 1980s, as well as net saving rates. |
| 主题 | Global crisis ; Macroeconomic policy ; Monetary Policy |
| 关键词 | Global crisis Interest rates Saving investment Consumption |
| URL | https://cepr.org/voxeu/columns/portfolio-rebalancing-effects-ecbs-asset-purchase-programme |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/552983 |
| 推荐引用方式 GB/T 7714 | Giovanna Bua,Peter G Dunne. The portfolio rebalancing effects of the ECB's asset purchase programme. 2017. |
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