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- DescriptionFabian 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 ecomic 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 techlogy 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.
- Author BiographyFabian 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.
- Author(s)Fabian Schnell
- PublisherSpringer-Verlag Berlin and Heidelberg GmbH & Co. KG
- Date of Publication29/04/2015
- SubjectEconomics: Professional & General
- Country of PublicationGermany
- ImprintSpringer Gabler
- Content Note11 black & white illustrations, biography
- Weight252 g
- Width148 mm
- Height210 mm
- Spine11 mm
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