Heterogeneity in Macroeconomics and its Implications for Monetary Policy

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The work Heterogeneity in Macroeconomics and its Implications for Monetary Policy represents a distinct intellectual or artistic creation found in European University Institute. This resource is a combination of several types including: Work, Language Material, Books.

Label

Heterogeneity in Macroeconomics and its Implications for Monetary Policy

Statement of responsibility

by Fabian Schnell

Creator

• Schnell, Fabian

Author

• Schnell, Fabian

Subject

• Economics

Language

eng

Summary

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. 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 Target Groups Researchers and students in macroeconomics Governmental institutions and central banks Managers of commercial banks, nongovernmental organizations, think tanks The Author 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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http://bibfra.me/vocab/relation/httpidlocgovvocabularyrelatorsaut

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Literary form

non fiction

Nature of contents

dictionaries

Series statement

• Springer eBooks
• Springer eBooks.