Politická ekonomie 2016, 64(1):83-108 | DOI: 10.18267/j.polek.1056

Může být přirozená úroková míra nulová? Neoklasický přístup

Pavel Potužák
Vysoká škola ekonomická v Praze.

Can the Natural Rate of Interest Be Zero? A Neoclassical Approach

Very low real rates of interest observed in modern economies might be caused by the fact that the natural rate of interest declined to a zero level. This article shows that a zero or a negative natural interest can be explained by the Böhm-Bawerkian and neoclassical theory. Firstly, two senses of time preference are introduced in a discounted utility model, and key determinants of the zero interest rate on the side of time preference are discussed in detail. Secondly, a simple general equilibrium model with fixed intertemporal endowment is presented. Within this model, a decreasing shape of the income stream is identified as a major source of zero interest along with a low intertemporal elasticity of substitution in consumption. Even in the world of zero or negative natural interest, it might be optimal to be a lender. The last section focuses on the role of marginal productivity of capital in the model, stressing the role of this phenomenon on one side and time preference on the other in lowering the natural rate of interest to a zero level.

Keywords: time preference, natural rate of interest, intertemporal elasticity of substitution in consumption
JEL classification: B13, B21, B22, B53, E43

Published: February 1, 2016  Show citation

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Potužák, P. (2016). Can the Natural Rate of Interest Be Zero? A Neoclassical Approach. Politická ekonomie, 64(1), 83-108. doi: 10.18267/j.polek.1056
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