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

ISBN-10: 0691164789

ISBN-13: 9780691164786

Edition: 2nd 2015 (Revised)

List price: $60.95
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Description:

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 availableA single benchmark model used throughoutNew materials and exercises includedAn ideal resource for graduate students, researchers, and market analysts
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Book details

List price: $60.95
Edition: 2nd
Copyright year: 2015
Publisher: Princeton University Press
Publication date: 6/9/2015
Binding: Hardcover
Pages: 296
Size: 6.25" wide x 9.75" long x 1.00" tall
Weight: 1.430
Language: English

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