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/13453544

Hidden Bibliographic Details
ISBN:	9783658097318 3658097310 3658097302 9783658097301 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. 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 ђ́جQuantitative Easingђ́ح 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 firмѕђ́ة 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 CapitalBusiness Cycles and Monetary Policy with Productivity Heterogeneity What Determines Price Changes and the Distribution of PricesEvidence 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.
Other form:	Printed edition: 9783658097301
Standard no.:	10.1007/978-3-658-09731-8

Description
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.
Item Description:	"Dissertation, University of St. Gallen, Switzerland, 2014."
Physical Description:	1 online resource (xviii, 166 pages) : illustrations
Bibliography:	Includes bibliographical references.
ISBN:	9783658097318 3658097310 3658097302 9783658097301