Monetary policy, firm heterogeneity, and product variety
This study provides new insights on the allocative effect of monetary policy. It shows that contractionary monetary policy exerts a non-trivial reallocation effect by cleansing unproductive firms and enhancing aggregate productivity. At the same time, however, reallocation involves a reduction in th...
Main Authors: | Zanetti, F, Hamano, M |
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Format: | Working paper |
Published: |
University of Oxford
2020
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