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...

A comprehensive study of the personal income distribution (PID) in the USA is carried out. Principal characteristics of the PID in USA are established.A microeconomic model of the personal income distribution and evolution with time is developed. The model balances two processes - individual...