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- DescriptionThis revised second edition of Monetary Policy, Inflation, and the Business Cycle provides a rigorous graduate-level introduction to the New Keynesian framework and its applications to monetary policy. The New Keynesian framework is the workhorse for the analysis of monetary policy and its implications for inflation, ecomic fluctuations, and welfare. A backbone of the new generation of medium-scale models under development at major central banks and international policy institutions, the framework provides the theoretical underpinnings for the price stability-oriented strategies adopted by most central banks in the industrialized world. Using a canical version of the New Keynesian model as a reference, Jordi Gali explores various issues pertaining to monetary policy's design, including optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, minal wage rigidities, and open ecomy factors. In each case, the effects on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes the zero lower bound on minal interest rates and an analysis of unemployment's significance for monetary policy. * The most up-to-date introduction to the New Keynesian framework available * A single benchmark model used throughout * New materials and exercises included* An ideal resource for graduate students, researchers, and market analysts
- Author BiographyJordi Gali is director and senior researcher at the Center for Research in International Economics (CREI). He is professor of economics at Pompeu Fabra University in Barcelona and research professor at the Barcelona Graduate School of Economics.
- Author(s)Jordi Gali
- PublisherPrinceton University Press
- Date of Publication30/06/2015
- SubjectEconomics: Professional & General
- Place of PublicationNew Jersey
- Country of PublicationUnited States
- ImprintPrinceton University Press
- Content Note14 line illus. 4 tables.
- Weight542 g
- Width152 mm
- Height229 mm
- Spine20 mm
- Edition Statement2nd Revised edition
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