Czemu niska stopa procentowa nie zapewnia pełnego zatrudnienia? Wnioski ze zmodyfikowanej teorii funduszy pożyczkowych
Why low interest rate does not ensure full employment? Conclusions from the modified theory of loan funds.

Summary/Abstract: The article discusses the problem of low level of market interest rate and at the same time underemployment. The problem is considered based on economic theory. The proposition to explain was shown using a modification of one of theoretical concepts – theory of loan funds – according to which interest rate flexibility equalizing the size of investments and savings can ensure full employment in economy. It happens notwithstanding the level of this rate so also when it is close to its limit which is zero. The proposed modification of theory of loan funds consists in including conditions of recession and deflationary expectations of economic entities in its structure. In this case, a different conclusion can be drawn from it: full employment is not possible, because in such conditions the level of interest rate which is equal to zero is too high.

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