Fabian Schnell

Fabian Schnell
University of St.Gallen · Swiss Institute for International Economics and Applied Economic Research

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5
Publications
50
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Publications

Publications (5)
Chapter
Macroeconomic research, by its definition, analyzes the behavior of the aggregated economy. At a first glance, it seems therefore a reasonable simplification to assume the presence of individually optimizing but representative agents (consumers, producers, governments, central banks, etc.) when developing respective models. However, we know from ma...
Chapter
This chapter describes a new channel of the exogenous technology shock amplification mechanism induced by firm entry and exit. A new Keynesian model with endogenous net business formation and heterogeneous productivity is developed for this purpose. Economic expansion leads to higher entry rates and thus increasing competition, producing two outcom...
Chapter
This chapter examines how firms set and adjust their prices, depending on macroeconomic, sectoral and individual conditions. A large panel of 345,963 observations of quarterly firm and product price data, underlying the Swiss sectoral CPIs from 1993 to 2012, is used for this purpose. The data allows us to trace the pricing decisions of the identifi...
Chapter
This chapter examines the medium-run effects of monetary policy and focuses its analyses on the consequences of distorted (in the sense of exogenously influenced) real interest rates that are currently observed in many industrialized countries. In our model, real interest rates that are too low hinder economic recovery because such rates allow rela...
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...