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

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Overview

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
  • Uses a single benchmark model throughout
  • Concise and easy to use
  • Includes exercises
  • An ideal resource for graduate students, researchers, and market analysts
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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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