Monetary Policy, Inflation, and the Business Cycle An Introduction to the New Keynesian Framework

ISBN-10: 0691133166
ISBN-13: 9780691133164
Edition: 2008
List price: $67.50
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Description: 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  More...

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Book details

List price: $67.50
Copyright year: 2008
Publisher: Princeton University Press
Publication date: 3/2/2008
Binding: Hardcover
Pages: 224
Size: 6.25" wide x 9.50" long x 1.00" tall
Weight: 0.858
Language: English

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 Galiacute; 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

Jordi Gal� is Director of CREI, Professor at Universitat Pompeu Fabra, and Research Professorat Barcelona Graduate School of Economics. He is the author of Monetary Policy, Inflation,and the Business Cycle: An Introduction to the New Keynesian Framework.

Preface
Introduction
A Classical Monetary Model
The Basic New Keynesian Model
Monetary Policy Design in the Basic New Keynesian Model
Monetary Policy Tradeoffs: Discretion versus Commitment
A Model with Sticky Wages and Prices
Monetary Policy and the Open Economy
Main Lessons and Some Extensions
Index

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