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Räntan som en diskonteringsvariabel i makroekonomiska fluktuationer: En alternativ förklaring till nollräntor, höga tillgångsvärden och ingen inflation
2016 (engelsk)Independent thesis Basic level (degree of Bachelor), 10 poäng / 15 hpOppgave
Abstract [en]

The purpose of this paper is to propose an alternative view of the role of the interest rate in price level determination and macroeconomic fluctuations. Despite the fact that endogenous creation of credit money has a zero-sum effect on private aggregate net financial wealth, the quantity theory of money remains the leading explanation of how money affects the economy in the long run. In the paper an alternative view of the transmission mechanism is developed by considering the interest rate as a discount variable, which affects the general price level through the present value of firm capital. The model provides a supply side explanation to macroeconomic fluctuations and finds monetary policy in terms of interest rate management to be non-neutral. Instead the inevitable outcome of an expansionary monetary policy is high asset values, zero lower bound interest rates and absent inflation. This provides a new concept of inflation described as ‘value pull’- or ‘discount’-inflation, and contradicts the notion of cost-push inflation.

sted, utgiver, år, opplag, sider
2016.
Emneord [en]
Social Behaviour Law
Emneord [sv]
Samhälls-, beteendevetenskap, juridik
Identifikatorer
URN: urn:nbn:se:ltu:diva-56837Lokal ID: d94415b8-13ff-4286-b229-407d35228faeOAI: oai:DiVA.org:ltu-56837DiVA, id: diva2:1030224
Fag / kurs
Student thesis, at least 15 credits
Utdanningsprogram
Economics, bachelor's level
Veileder
Examiner
Merknad
Validerat; 20160615 (global_studentproject_submitter)Tilgjengelig fra: 2016-10-04 Laget: 2016-10-04bibliografisk kontrollert

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Norberg, Robert

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