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Heterogeneity in Macroeconomics and its Implications for Monetary Policy

  • Book
  • © 2015

Overview

Authors:
  1. Fabian Schnell

    1. Universität St. Gallen, St. Gallen, Switzerland

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  • Study in the field of economics

  • Includes supplementary material: sn.pub/extras

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Table of contents (4 chapters)

  1. Front Matter

    Pages I-XVIII
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  2. Introduction: Heterogeneity and Macroeconomics

    • Fabian Schnell
    Pages 1-5

  3. Can Monetary Policy Delay the Reallocation of Capital?

    • Fabian Schnell
    Pages 7-41

  4. Business Cycles and Monetary Policy with Productivity Heterogeneity

    • Fabian Schnell
    Pages 43-78

  5. What Determines Price Changes and the Distribution of Prices? Evidence from the Swiss CPI.

    • Fabian Schnell
    Pages 79-153

  6. Back Matter

    Pages 155-166
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Keywords

About this book

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.

Authors and Affiliations

  • Universität St. Gallen, St. Gallen, Switzerland

    Fabian Schnell

About 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.

Bibliographic Information

  • Book Title: Heterogeneity in Macroeconomics and its Implications for Monetary Policy

  • Authors: Fabian Schnell

  • DOI: https://doi.org/10.1007/978-3-658-09731-8

  • Publisher: Springer Gabler Wiesbaden

  • eBook Packages: Business and Economics, Economics and Finance (R0)

  • Copyright Information: Springer Fachmedien Wiesbaden 2015

  • Softcover ISBN: 978-3-658-09730-1Published: 07 May 2015

  • eBook ISBN: 978-3-658-09731-8Published: 28 April 2015

  • Edition Number: 1

  • Number of Pages: XVIII, 166

  • Number of Illustrations: 11 b/w illustrations

  • Topics: Economics, general

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