Monetary Policy, Inflation, and the Business Cycle (eBook)

An Introduction to the New Keynesian Framework and Its Applications - Second Edition

Jordi Gali (Autor)

eBook Download: EPUB

2015 | 2., Second Edition
296 Seiten
Princeton University Press (Verlag)
978-1-4008-6627-4 (ISBN)

Infos

The classic introduction to the New Keynesian economic modelThis 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, economic 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 canonical 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, nominal wage rigidities, and open economy 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 nominal interest rates and an analysis of unemployment's significance for monetary policy.The most up-to-date introduction to the New Keynesian framework availableA single benchmark model used throughoutNew materials and exercises includedAn ideal resource for graduate students, researchers, and market analysts

Autor

Jordi Galí 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.

Produkt-Details

• Erscheint lt. Verlag: 9.6.2015
• Zusatzinfo: 14 line illus. 4 tables.
• Verlagsort: Princeton
• Sprache: englisch
• Themenwelt: Wirtschaft ► Allgemeines / Lexika
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Schlagworte: aggregate demand • Approximation • autocorrelation • Average Price • balance of trade • budget constraint • Business Cycle • Capital Accumulation • Central Bank • consumer • Consumption (Economics) • Cost curve • Currency • Demand curve • Discounts and allowances • discretionary policy • dividend • Divine coincidence • Economic equilibrium • Economic Growth • Economics • economy • Elasticity of substitution • Employment • Exchange Rate • Expenditure • federal funds rate • Financial asset • Financial Crisis • friedman rule • General Equilibrium Theory • Household • impulse response • income • indexation • Inflation • Inflationary bias • Inflation Targeting • Interest • Interest Rate • Keynesian Economics • labor demand • Lagrange multiplier • Long run and short run • Loss Function • Macroeconomics • Marginal cost • Marginal product of labor • marginal rate of substitution • Market Clearing • Market Economy • market liquidity • Market power • Markup (business) • Microfoundations • monetary authority • monetary policy • Monetary Theory • Money Supply • Monopolistic Competition • New Keynesian Economics • Nominal interest rate • Nominal Rigidity • Output Gap • perfect competition • Phillips Curve • Prediction • price • Price adjustment (retail) • Price elasticity of demand • Price Fixing • Price index • price level • Pricing • Production Function • Productivity • Quantity • Real business-cycle theory • Real interest rate • Real variable • real wages • Relative price • Small Open Economy • social planner • stabilization policy • standard deviation • stochastic discount factor • Subsidy • Supply and Demand • Supply (economics) • Supply shock • Taylor Rule • Technology • technology shock • Trade-off • Unemployment • Utility • Value (economics) • wage • Zero lower bound
• ISBN-10: 1-4008-6627-8 / 1400866278
• ISBN-13: 978-1-4008-6627-4 / 9781400866274