Correction: The Bill,Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro

Intereconomics - In the article “The Bill, Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro” by Marc-Peter Radke and Manuel Rupprecht in...     

Sparen in Zeiten niedriger Zinsen — wirtschaftspolitische Unterstützung nötig?

Critics of the low interest rate environment claim that German households have had difficult times generating positive returns from their savings since interest rates reached levels around zero. Therefore, direct public support is increasingly being called for. This article shows that, from a macroeconomic perspective, households have in fact generated positive real returns to date. However, portfolio returns may vary among households due to differences in portfolio structure and size. In addition, aggregate portfolio returns might decrease in the years to come if nominal interest rates remain low. Regarding policy responses, it is therefore proposed to undertake measures which increase total factor productivity and improve the financial literacy of households. Both approaches promise to be more effective than direct public support of savings.     

The Bill,Please! Households’ Real Returns on Financial Assets Since the Introduction of the Euro

Intereconomics - This paper examines the real return that households in large euro area countries achieved with their financial portfolios since the onset of the euro. A newly compiled dataset...     

Der Transmissionsmechanismus der Geldpolitik — eine Ergänzung

In March 2015 Wirtschaftsdienst published the article “The Transmission Mechanism of Monetary Policy — Where is the Boost to Lending?” by Daniel Hagemann and Monika Wohlmann. Manuel Rupprecht asserts in his response that their argumentation concentrates too heavily on credit supply. He points to the importance of credit demand and the declining significance of bank loans. Hagemann and Wohlmann respond by providing detailed information on the sources of company financing and state that more than half of the financing for companies in the eurozone originated from banks.