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

판사항
Second edition
발행사항
Princeton ; Oxford : Princeton University Press, 2015
형태사항
xii, 279 p. ; 25cm
서지주기
Includes bibliographical references and index
소장정보
위치등록번호청구기호 / 출력상태반납예정일
지금 이용 불가 (1)
자료실E206216대출중2025.07.16
지금 이용 불가 (1)
  • 등록번호
    E206216
    상태/반납예정일
    대출중
    2025.07.16
    위치/청구기호(출력)
    자료실
책 소개

The classic introduction to the New Keynesian economic model

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 Gali 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 on monetary policy are addressed, with emphasis on the desirability of inflation-targeting policies. New material includes 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


목차
Preface ix CHAPTER 1 Introduction 1 CHAPTER 2 A Classical Monetary Model 17 CHAPTER 3 The Basic New Keynesian Model 52 CHAPTER 4 Monetary Policy Design in the Basic New Keynesian Model 98 CHAPTER 5 Monetary Policy Tradeoffs: Discretion versus Commitment 126 CHAPTER 6 A Model with Sticky Wages and Prices 163 CHAPTER 7 Unemployment in the New Keynesian Model 199 CHAPTER 8 Monetary Policy in the Open Economy 223 CHAPTER 9 Lessons, Extensions, and New Directions 261 Index 271