ifo Schnelldienst 20/2019: Low Interest Rates

Winners and Losers in the World of Permanent Low Interest Rates

Savers, companies, insurance companies, and the state budget must all get prepared for low or even negative long-term interest rates. What are the consequences of the European Central Bank’s ultra-loose monetary policy? Are low interest rates and a glut of money threatening to bring Japan-style conditions in Europe?

With contributions from

• Jürgen Michels: Too Much of a (Formerly) Good Thing
• Gunther Schnabl: Continuing with a Loose Monetary Policy Has Socially Undesirable Distribution Effects
• Helmut Schleweis: More Harm than Good – What a Permanently Expansive Monetary Policy Means for Society
• Dominik Löber: Quo Vadis, Capital?
• Michael Menhart: Winners or Losers – The Risks Increase for Everyone
• Ansgar Belke and Daniel Gros: “QE Winners” in the Euro Area? Have Peripheral Bonds Benefited from the PSPP?