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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.
| Autorius: | Fabian Schnell |
| Leidėjas: | Springer Fachmedien Wiesbaden |
| Išleidimo metai: | 2015 |
| Knygos puslapių skaičius: | 184 |
| ISBN-10: | 3658097302 |
| ISBN-13: | 9783658097301 |
| Formatas: | 210 x 148 x 11 mm. Knyga minkštu viršeliu |
| Kalba: | Anglų |
Parašykite atsiliepimą apie „Heterogeneity in Macroeconomics and its Implications for Monetary Policy“
