Heterogeneity in Macroeconomics and its Implications for Monetary Policy

Name: Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Brand: Springer Nature
SKU: 9783658097301
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Springer Nature

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9783658097301

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New

Product 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.

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