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- DescriptionThe past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as mopolistic competition and minal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this amaly. In this book, Jordi Gali, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework. Gali's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place. Gali develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between ecomic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy.
- Author BiographyJordi Gali is Director of CREI, Professor at Universitat Pompeu Fabra, and Research Professor at Barcelona Graduate School of Economics. He is the author of Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework.
- Author(s)Jordi Gali
- PublisherMIT Press Ltd
- Date of Publication02/08/2011
- SubjectEconomics: Professional & General
- Series TitleZeuthen Lectures
- Place of PublicationCambridge, Mass.
- Country of PublicationUnited States
- ImprintMIT Press
- Content Note25 figures, 6 tables
- Weight340 g
- Width152 mm
- Height229 mm
- Spine7 mm
- Interest AgeFrom 18
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