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""This 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 Galí 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 for monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes labor and financial market frictions, 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 available A single benchmark model used throughout New materials and exercises included An ideal resource for graduate students, researchers, and market analysts "--"
"The New Keynesian framework has emerged as the workhorse for the analysis of monetary policy and its implications for inflation, economic fluctuations, and welfare. This graduate-level textbook provides an introduction to the New Keynesian framework and its applications to monetary policy."
"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."@en
"Each chapter in this book is followed by technical details, exercises that can be used for teaching purposes, and literature references. Chapter 2 presents a classical monetary model with perfect competition and flexible prices, a model that not only serves as a bridge to the RBC world, but it also provides a nice introduction to the households' optimization problem and some important technical tools, such as log-linearization. Chapters 3 to 6 can be considered the core of the book and draw heavily on Galí (2003). Chapter 3 presents the basic New Keynesian model with monopolistic competition and inflexible price adjustment à la Calvo, and uses numerical simulations to illustrate the model's behavior in response to various macroeconomic shocks. Chapter 4 presents the notion of optimal monetary policy. It explains the linear quadratic approach (leaving the technical details to the Appendix) and the performance of various monetary policy rules. Chapter 5 first explains how cost-push shocks lead to meaningful policy trade-offs and then goes on to explain the concepts of discretion and commitment. Chapter 6 enhances the baseline sticky price model by factoring in sticky wages (also modeled à la Calvo) and discusses the implications of doing so. Chapter 7 shows how the basic model can be extended to an open economy model. It draws heavily on Galí and Monacelli (2005), which has come to be considered one of the workhorses of open economy models. Chapter 8 lays out the main lessons to be gained from New Keynesian model and suggests promising current and future avenues for research. In this chapter, Galí emphasizes the role of expectations and the importance of the natural levels of output and the interest rate in monetary policymaking."
""An introduction to the framework used by central banks for policy analysis"--"

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"Electronic books"@en

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"Monetary policy, inflation, and the business cycle : an introduction to the New Keynesian framework"
"Monetary policy, inflation, and the business cycle an introduction to the new Keynesian framework"@en
"Monetary Policy, Inflation, & the Business Cycle : an Introdu"
"Monetary policy, inflation, and the business cycle : an introduction to the new Keynesian framework and its applications"
"Monetary policy, inflation, and the business cycle : an introduction to the new Keynesian framework"

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