Heterogeneity in macroeconomics and its implications for monetary policy
Author(s)
Bibliographic Information
Heterogeneity in macroeconomics and its implications for monetary policy
（Research）
Springer Gabler, c2015
- : pbk
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National Graduate Institute for Policy Studies Library (GRIPS Library)
: pbk331.121||Sc501386102
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Note
Includes bibliographical references (p. 155-166)
Description and Table of Contents
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.
Table of 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.
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