Lukáš Kučera
Kanál reálné úrokové míry z pohledu vybraných teorií investic
Číslo: 2/2017
Periodikum: Acta Oeconomica Pragensia
DOI: 10.18267/j.aop.575
Klíčová slova: nominal interest rate, real interest rate, demand for capital, internal rate of return, Tobin’s q, marginal efficiency of capital, Nominální úroková míra, reálná úroková míra, poptávka po kapitálu, vnitřní míra návratnosti, mezní výkonnost kapitálu
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sensitivity of investment to real interest rate. In the first part, the mechanism of the real interest
rate channel is analysed. The second part focuses on the neoclassical model of demand for capital,
Fisher’s theory of investment, Tobin’s q and Keynes’s investment theory. All these theories are
discussed in the context of real interest rate, i.e., whether they consider that investment reacts
inversely to changes of real interest rate. The third part of the paper targets application of theories
to the framework of the real interest rate channel. The paper concludes that all the mentioned
theories of investment imply that investment reacts inversely and permanently to changes of real
interest rate and also that central banks may influence investment via all types of real interest rate,
i.e., short and long or market and retail real interest rate.