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Heterogeneity in Macroeconomics and its Implications for Monetary Policy

  • Format
  • Bog, paperback
  • Engelsk

Beskrivelse

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.

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Detaljer
  • SprogEngelsk
  • Sidetal166
  • Udgivelsesdato07-05-2015
  • ISBN139783658097301
  • Forlag Springer Gabler
  • FormatPaperback
Størrelse og vægt
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10 cm
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14,8 cm
21 cm

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