{"product_id":"heterogeneity-in-macroeconomics-and-its-implications-for-monetary-policy-von-fabian-schnell","title":"Heterogeneity in Macroeconomics and its Implications for Monetary Policy","description":"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.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783658097301\"\u003e\u003ch3\u003e\u003c\/h3\u003e\u003c\/div\u003e","brand":"Libri","offers":[{"title":"Softcover - 9783658097301","offer_id":39447574052957,"sku":"9783658097301","price":53.49,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/532d8c15-3db2-4bcd-8884-3dba7d915f60.jpg?v=1775279735","url":"https:\/\/shop.autorenwelt.de\/en\/products\/heterogeneity-in-macroeconomics-and-its-implications-for-monetary-policy-von-fabian-schnell","provider":"Autorenwelt Shop","version":"1.0","type":"link"}