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...
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2015
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oai:scholar.dlu.edu.vn:DLU123456789-593642023-11-11T06:37:11Z Heterogeneity in Macroeconomics and its Implications for Monetary Policy Schnell, Fabian Economics Business Monetary policy Macroeconomics 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. 2015-12-09T07:54:01Z 2015-12-09T07:54:01Z 2015 Book 978-3-658-09731-8 978-3-658-09730-1 https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59364 en application/pdf Springer |
| institution |
Thư viện Trường Đại học Đà Lạt |
| collection |
Thư viện số |
| language |
English |
| topic |
Economics Business Monetary policy Macroeconomics |
| spellingShingle |
Economics Business Monetary policy Macroeconomics Schnell, Fabian Heterogeneity in Macroeconomics and its Implications for Monetary Policy |
| description |
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. |
| format |
Book |
| author |
Schnell, Fabian |
| author_facet |
Schnell, Fabian |
| author_sort |
Schnell, Fabian |
| title |
Heterogeneity in Macroeconomics and its Implications for Monetary Policy |
| title_short |
Heterogeneity in Macroeconomics and its Implications for Monetary Policy |
| title_full |
Heterogeneity in Macroeconomics and its Implications for Monetary Policy |
| title_fullStr |
Heterogeneity in Macroeconomics and its Implications for Monetary Policy |
| title_full_unstemmed |
Heterogeneity in Macroeconomics and its Implications for Monetary Policy |
| title_sort |
heterogeneity in macroeconomics and its implications for monetary policy |
| publisher |
Springer |
| publishDate |
2015 |
| url |
https://scholar.dlu.edu.vn/thuvienso/handle/DLU123456789/59364 |
| _version_ |
1819779455171690496 |