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Heterogeneity in Macroeconomics and its Implications for Monetary Policy

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Fabian Schnell develops a model indicating that by keeping real interest rates too low, monetary policy can distort the allocation of resources across firms and potentially delay economic recovery after a recession. This is a new channel of monetary policy that is especially relevant in view of “Quantitative Easing” programs. A second model focuses on the short-term implications of heterogeneously productive firms, showing an acceleration effect of technology shocks. Finally, an empirical investigation of firms’ price-setting behaviors shows that time-dependent factors, relative to state-dependent ones, play a small role with respect to the probability and the size of a price change. All results provide new insights for monetary policy.

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Detail Information

Series Title

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Call Number

330 SCH h

Publisher

: ., 2015

Collation

XVIII, 166

Language

English

ISBN/ISSN

978-3-658-09730-1

Classification

330

Content Type

text

Media Type

computer

Carrier Type

online resource

Edition

-

Subject(s)

Economics

Specific Detail Info

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Statement of Responsibility

Fabian Schnell

Other Information

Cataloger

Khusnun

Source

-

Validator

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