World Scientific Publishing Company Incorporated
Globalization : The Macroeconomic Implications of Microeconomic Heterogeneity
$157.94
Springer Gabler
Heterogeneity in Macroeconomics and Its Implications for Monetary Policy
Product Code:
9783658097301
ISBN13:
9783658097301
Condition:
New
$61.47
Heterogeneity in Macroeconomics and Its Implications for Monetary Policy
$61.47
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.
| Author: Fabian Schnell |
| Publisher: Springer Gabler |
| Publication Date: May 07, 2015 |
| Number of Pages: 166 pages |
| Binding: Paperback or Softback |
| ISBN-10: 3658097302 |
| ISBN-13: 9783658097301 |
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