Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework / Edition 1

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Overview

"Jordi Galí provides an authoritative overview of the research that revolutionized monetary economics during the past decade, by embedding sticky prices in a coherent dynamic general equilibrium framework—thus providing a novel and much clearer positive and normative analysis of monetary policy. The presentation is elegant and intuitive, yet rigorous. The book will be a standard reference for graduate students, researchers, and policymakers. It is also highly recommended as a textbook for money/macro courses. Numerous useful exercises are provided."—Robert Kollmann, European Center for Advanced Research in Economics and Statistics, Free University of Brussels

"A state-of-the-art treatment of the emerging New Keynesian synthesis by one of the leaders in the field, Galí's book is a must-read for the next generation of macroeconomists."—N. Gregory Mankiw, Harvard University

"This is a wonderfully elegant and accessible introduction to the contemporary New Keynesian paradigm, written by one of the leading experts in the field. This monograph presents what one should know in a clean, cogent, and concise manner. I fully expect it to become a standard reference for both students and researchers in the field."—Mark Gertler, New York University

"This book provides an excellent introduction and exegesis of the New Keynesian model that is the current state of the art in the analysis of monetary policy. It will find a large audience with research economists, graduate students, and staffers in central banks around the world."—Philip R. Lane, Trinity College Dublin

"Systematic and concise. This is a fine book that is likely to become the key basic text for graduate courses on monetary policy."—Seppo Honkapohja, University of Cambridge

"Authoritative. This book will be very useful to graduate students and to others seeking an introduction to modern work in this area."—Michael Woodford, Columbia University

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Editorial Reviews

Journal of Economics
With this book, magician Galí has pulled another important rabbit out of his hat. The 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 Merkyl
Journal of Economics - Christian Merkyl
With this book, magician Galí has pulled another important rabbit out of his hat. The 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.
From the Publisher
"With this book, magician Galí has pulled another important rabbit out of his hat. The 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 Merkyl, Journal of Economics
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Product Details

  • ISBN-13: 9780691133164
  • Publisher: Princeton University Press
  • Publication date: 2/11/2008
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 224
  • Product dimensions: 6.30 (w) x 9.30 (h) x 0.90 (d)

Meet the Author

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.

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Table of Contents

Preface ix
CHAPTER 1: Introduction 1
CHAPTER 2: A Classical Monetary Model 15
CHAPTER 3: The Basic New Keynesian Model 41
CHAPTER 4: Monetary Policy Design in the Basic New Keynesian Model 71
CHAPTER 5: Monetary Policy Tradeoffs: Discretion versus Commitment 95
CHAPTER 6: A Model with StickyWages and Prices 119
CHAPTER 7: Monetary Policy and the Open Economy 149
CHAPTER 8: Main Lessons and Some Extensions 185
Index 195

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