Heterogeneity in Macroeconomics and its Implications for Monetary Policy - Softcover
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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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Reseña del editor:
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.
Biografía del autor:
Fabian Schnell, Ph.D., works as a research associate at the University of St. Gallen and as a project leader for economic policy at economiesuisse, the Swiss Business Federation.
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- VerlagSpringer Gabler
- Erscheinungsdatum2015
- ISBN 10 3658097302
- ISBN 13 9783658097301
- EinbandTapa blanda
- Anzahl der Seiten184
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Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Verlag:
Springer Fachmedien Wiesbaden
(2015)
ISBN 10: 3658097302
ISBN 13: 9783658097301
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Buchbeschreibung Taschenbuch. Zustand: Neu. Druck auf Anfrage Neuware - Printed after ordering - 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. Artikel-Nr. 9783658097301
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Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Verlag:
Springer Fachmedien Wiesbaden
(2015)
ISBN 10: 3658097302
ISBN 13: 9783658097301
Neu
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Buchbeschreibung Kartoniert / Broschiert. Zustand: New. Artikel-Nr. 27867644
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