We compare the New Keynesian and Austrian explanations for low interest rates in the light of the Corona crisis. From a New Keynesian perspective low interest rates are the result of structural changes in the society and the economy as well as the cyclical downswing triggered by the Corona pandemic. In contrast, from the perspective of Austrian economic theory, interest rates have been pushed down on trend by central banks for a long time to stimulate growth, with the global financial crisis of 2007/08 and the Corona crisis of 2020 acting as powerful accelerators of the euthanasia of interest. New Keynesian theory would suggest that interest rates can be adjusted upward again when conditions change, without creating economic and financial disturbances. Against this, Austrian theory finds that central banks have backed themselves into a corner by creating persistent low-interest expectations.

我们比较了新凯恩斯主义和奥地利学派根据电晕危机对低利率的解释。从新凯恩斯主义的角度来看，低利率是社会和经济结构性变化以及新冠疫情引发的周期性下滑的结果。相比之下，从奥派经济理论的角度来看，长期以来央行为了刺激增长而压低利率，2007/08 年的全球金融危机和 2020 年的电晕危机是经济增长的有力加速器。感兴趣的安乐死。新凯恩斯主义理论表明，当情况发生变化时，利率可以再次上调，而不会造成经济和金融动荡。对此，