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Heterogeneity in Macroeconomics and its Implications for Monetary Policy

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Heterogeneity in Macroeconomics and its Implications for Monetary Policy/ by Fabian Schnell.
Author:	Schnell, Fabian.
Description:	XVIII, 166 p. 11 illus.online resource. :
Contained By:	Springer Nature eBook
Subject:	Economics. -
Online resource:	https://doi.org/10.1007/978-3-658-09731-8
ISBN:	9783658097318

Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Schnell, Fabian.

Heterogeneity in Macroeconomics and its Implications for Monetary Policy[electronic resource] /by Fabian Schnell. - 1st ed. 2015. - XVIII, 166 p. 11 illus.online resource.

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.

ISBN: 9783658097318

Standard No.: 10.1007/978-3-658-09731-8doiSubjects--Topical Terms:

555568
Economics.

LC Class. No.: HB71-74

Dewey Class. No.: 330

Heterogeneity in Macroeconomics and its Implications for Monetary Policy
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520 $a 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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