Coverart for item
The Resource Heterogeneity in Macroeconomics and its Implications for Monetary Policy

Heterogeneity in Macroeconomics and its Implications for Monetary Policy

Label
Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Title
Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Creator
Subject
Language
eng
Summary
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
Cataloging source
MiAaPQ
Literary form
non fiction
Nature of contents
dictionaries
Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Label
Heterogeneity in Macroeconomics and its Implications for Monetary Policy
Link
http://libproxy.rpi.edu/login?url=https://ebookcentral.proquest.com/lib/rpi/detail.action?docID=2094832
Publication
Copyright
Related Contributor
Related Location
Related Agents
Related Authorities
Related Subjects
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier
Color
multicolored
Content category
text
Content type code
txt
Content type MARC source
rdacontent
Contents
  • Foreword -- Acknowledgments -- Contents -- Abstract -- Zusammenfassung -- List of Figures -- List of Tables -- 1 Introduction: Heterogeneity and Macroeconomics -- 2 Can Monetary Policy Delay the Reallocation of Capital?* -- Abstract -- 2.1 Introduction -- 2.2 Review of related literature -- 2.3 The model -- 2.3.1 Households -- 2.3.2 Production -- 2.3.3 Zero cut-off profit condition -- 2.3.4 Aggregation -- 2.3.5 Welfare analysis -- 2.4 The long-run steady state -- 2.5 The central bank -- 2.6 Numerical simulations -- 2.6.1 Monetary policy with r* r -- 2.7 Conclusion -- Appendix -- 2.A Structural breaks in the US real interest rates -- 2.B Proofs -- 2.B.1 Proof of Proposition 1 -- 2.B.2 Proof of Proposition 2 -- 2.B.3 Proof of Proposition 4 -- 2.C Optimization by the social planner -- 3 Business Cycles and Monetary Policy with Productivity Heterogeneity** -- Abstract -- 3.1 Introduction -- 3.2 Review of related literature -- 3.3 The model -- 3.3.1 Input good production -- 3.3.2 Intermediate and final good production -- 3.3.3 Aggregation -- 3.3.4 Free entry and zero cut-off productivity condition -- 3.3.5 Total output -- 3.3.6 Households and preferences -- 3.3.7 Wage setting and labor supply -- 3.3.8 The central bank -- 3.3.9 Parametrization of the technology distribution -- 3.3.10 Equilibrium and model dynamics -- 3.4 Model estimations -- 3.4.1 Calibration of parameters -- 3.4.2 Impulse responses -- 3.4.3 Second moments -- 3.5 Some notes on monetary policy -- 3.6 Conclusion -- Appendix -- 3.A Linearized model -- 3.B OLS-regression for the Taylor rule -- 3.C Impulse response functions following a monetary shock -- 4 What Determines Price Changes and the Distribution of Prices? Evidence from the Swiss CPI.*** -- Abstract -- 4.1 Introduction -- 4.2 Review of related literature
  • 4.3 Data description and descriptive statistics -- 4.3.1 The data -- 4.3.2 Constructed variables -- 4.3.3 Descriptive statistics -- 4.4 Econometric results -- 4.4.1 Methodology -- 4.4.2 Pricing at the extensive margin -- 4.4.3 Pricing at the intensive margin -- 4.4.4 The VAT -- 4.4.5 Endogeneity issues -- 4.4.6 Additional robustness checks -- 4.5 Price dispersion -- 4.6 Conclusion -- Appendix -- 4.A IV regressions -- 4.B Additional robustness checks -- 4.B.1 Reduced time frame -- 4.B.2 Results with censored data -- 4.B.3 Estimations for separated product groups -- Bibliography
http://library.link/vocab/cover_art
https://contentcafe2.btol.com/ContentCafe/Jacket.aspx?Return=1&Type=S&Value=9783658097318&userID=ebsco-test&password=ebsco-test
Dimensions
unknown
http://library.link/vocab/discovery_link
{'f': 'http://opac.lib.rpi.edu/record=b4383083'}
Extent
1 online resource (180 pages)
Form of item
online
Isbn
9783658097318
Media category
computer
Media MARC source
rdamedia
Media type code
c
Sound
unknown sound
Specific material designation
remote

Library Locations

    • Folsom LibraryBorrow it
      110 8th St, Troy, NY, 12180, US
      42.729766 -73.682577
Processing Feedback ...