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.
General
Imprint: |
Springer Gabler
|
Country of origin: |
Germany |
Release date: |
May 2015 |
First published: |
2015 |
Authors: |
Fabian Schnell
|
Dimensions: |
210 x 148 x 11mm (L x W x T) |
Format: |
Paperback
|
Pages: |
166 |
Edition: |
2015 ed. |
ISBN-13: |
978-3-658-09730-1 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
3-658-09730-2 |
Barcode: |
9783658097301 |
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