Gali - Monetary Policy, Inflation, and the Business Cycle
Gali - Monetary Policy, Inflation, and the Business
Cycle
Amazon: “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 Galí 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
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Uses a single benchmark model throughout
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Concise and easy to use
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Includes exercises
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An ideal resource for graduate students, researchers,
and market analysts”
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