Heterogeneity in macroeconomics and its implications for monetary policy /

Heterogeneity in macroeconomics and its implications for monetary policy /

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Bibliographic Details
Author / Creator:Schnell, Fabian, author.
Imprint:Wiesbaden : Springer Gabler, 2015.
Description:1 online resource (xviii, 166 pages) : illustrations
Language:English
Series:Research
Subject:
Macroeconomics.
Monetary policy.
Macroeconomics.
Monetary policy.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/11093466
Hidden Bibliographic Details
ISBN:9783658097318
3658097310
9783658097301
3658097302
9783658097301
Notes:"Dissertation, University of St. Gallen, Switzerland, 2014."
Includes bibliographical references.
Online resource; title from PDF title page (SpringerLink, viewed May 6, 2015).
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-depen.
Other form:Printed edition: 9783658097301
Standard no.:10.1007/978-3-658-09731-8
Table of Contents:
  • Foreword; Acknowledgments; Contents; Abstract; Zusammenfassung; List of Figures; List of Tables; 1 Introduction: Heterogeneity and Macroeconomics; 2 Can Monetary Policy Delay the Reallocation of Capital?*; Abstract; 2.1 Introduction; 2.2 Review of related literature; 2.3 The model; 2.3.1 Households; 2.3.2 Production; 2.3.3 Zero cut-off profit condition; 2.3.4 Aggregation; 2.3.5 Welfare analysis; 2.4 The long-run steady state; 2.5 The central bank; 2.6 Numerical simulations; 2.6.1 Monetary policy with r* r; 2.7 Conclusion; Appendix
  • 2.A Structural breaks in the US real interest rates2.B Proofs; 2.B.1 Proof of Proposition 1; 2.B.2 Proof of Proposition 2; 2.B.3 Proof of Proposition 4; 2.C Optimization by the social planner; 3 Business Cycles and Monetary Policy with Productivity Heterogeneity**; Abstract; 3.1 Introduction; 3.2 Review of related literature; 3.3 The model; 3.3.1 Input good production; 3.3.2 Intermediate and final good production; 3.3.3 Aggregation; 3.3.4 Free entry and zero cut-off productivity condition; 3.3.5 Total output; 3.3.6 Households and preferences; 3.3.7 Wage setting and labor supply
  • 3.3.8 The central bank3.3.9 Parametrization of the technology distribution; 3.3.10 Equilibrium and model dynamics; 3.4 Model estimations; 3.4.1 Calibration of parameters; 3.4.2 Impulse responses; 3.4.3 Second moments; 3.5 Some notes on monetary policy; 3.6 Conclusion; Appendix; 3.A Linearized model; 3.B OLS-regression for the Taylor rule; 3.C Impulse response functions following a monetary shock; 4 What Determines Price Changes and the Distribution of Prices? Evidence from the Swiss CPI.***; Abstract; 4.1 Introduction; 4.2 Review of related literature
  • 4.3 Data description and descriptive statistics4.3.1 The data; 4.3.2 Constructed variables; 4.3.3 Descriptive statistics; 4.4 Econometric results; 4.4.1 Methodology; 4.4.2 Pricing at the extensive margin; 4.4.3 Pricing at the intensive margin; 4.4.4 The VAT; 4.4.5 Endogeneity issues; 4.4.6 Additional robustness checks; 4.5 Price dispersion; 4.6 Conclusion; Appendix; 4.A IV regressions; 4.B Additional robustness checks; 4.B.1 Reduced time frame; 4.B.2 Results with censored data; 4.B.3 Estimations for separated product groups; Bibliography

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