Heterogeneity in Macroeconomics and its Implications for Monetary Policy by Fabian SchnellHeterogeneity in Macroeconomics and its Implications for Monetary Policy by Fabian Schnell

Heterogeneity in Macroeconomics and its Implications for Monetary Policy

byFabian Schnell

Paperback | May 7, 2015

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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.
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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Title:Heterogeneity in Macroeconomics and its Implications for Monetary PolicyFormat:PaperbackDimensions:166 pagesPublished:May 7, 2015Publisher:Springer-Verlag/Sci-Tech/TradeLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:3658097302

ISBN - 13:9783658097301

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Table of Contents

Introduction: Heterogeneity and Macroeconomics.- Can Monetary Policy Delay the Reallocation of Capital?.- Business Cycles and Monetary Policy with Productivity Heterogeneity.- What Determines Price Changes and the Distribution of Prices? Evidence from the Swiss CPI.