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 “Qua...
সংরক্ষণ করুন:
| প্রধান লেখক: | |
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| বিন্যাস: | গ্রন্থ |
| ভাষা: | English |
| প্রকাশিত: |
Springer
2015
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| বিষয়গুলি: | |
| অনলাইন ব্যবহার করুন: | https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59364 |
| ট্যাগগুলো: |
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| Thư viện lưu trữ: | Thư viện Trường Đại học Đà Lạt |
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| সংক্ষিপ্ত: | 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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