Heterogeneity in Macroeconomics and its Implications for Monetary Policy
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.
| Autor: | Schnell, Fabian |
|---|---|
| ISBN: | 9783658097301 |
| Sprache: | Englisch |
| Seitenzahl: | 166 |
| Produktart: | Kartoniert / Broschiert |
| Verlag: | Springer Fachmedien Wiesbaden GmbH |
| Veröffentlicht: | 07.05.2015 |
| Schlagworte: | Geldpolitik Heterogene Firmen Konjunkturzyklen Preissetzungsverhalten Reallocation of Capitel Tiefzinsphase |
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