Monetary Policy, Inflation, and the Business Cycle
Summary
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Monetary Policy, Inflation, and the Business Cycle by Jordi Galí
The New Keynesian framework has emerged as the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. It is the backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, and provides the theoretical underpinnings of the inflation stability-oriented strategies adopted by most central banks throughout the industrialized world. This graduate-level textbook provides an introduction to the New Keynesian framework and its applications to monetary policy. Using a canonical version of the New Keynesian model as a reference framework, Jordi Gali explores issues pertaining to the design of monetary policy, including the determination of the optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting policies. * The most up-to-date and accessible introduction to the New Keynesian framework available * Uses a single benchmark model throughout * Concise and easy to use * Includes exercises * An ideal resource for graduate students, researchers, and market analysts
"With this book, magician Gali has pulled another important rabbit out of his hatThe book will help to increase the popularity of the New Keynesian model with graduate students, tomorrow's policymakers, and today's policymakers alike. Therefore, it can be considered a real grassroots initiative."--Christian Merkl, Journal of Economics
Jordi Gali is director and senior researcher at the Center for Research in International Economics (CREI) and professor of economics at Universitat Pompeu Fabra in Barcelona.
| SKU | Unavailable |
| ISBN 13 | 9780691133164 |
| ISBN 10 | 0691133166 |
| Title | Monetary Policy, Inflation, and the Business Cycle |
| Author | Jordi Galí |
| Condition | Unavailable |
| Publisher | Princeton University Press |
| Year published | 2008-03-02 |
| Number of pages | 224 |
| Cover note | Book picture is for illustrative purposes only, actual binding, cover or edition may vary. |
| Note | Unavailable |