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New Perspectives on Monetary Policy, Inflation, and the Business Cycle
Jordi Galí
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI); Massachusetts Institute of Technology (MIT) - Department of Economics; Centre for Economic Policy Research (CEPR); National Bureau of Economic Research (NBER)
February 2002
NBER Working Paper No. w8767
Abstract:
The present paper provides an overview of recent developments in the analysis of monetary policy in the presence of nominal rigidities. The paper emphasizes the existence of several dimensions in which the recent literature provides a new perspective on the linkages among monetary policy, inflation, and the business cycle. It is argued that the adoption of an explicitly optimizing, general equilibrium framework has not been superfluous; on the contrary, it has yielded many insights which, by their nature, could hardly have been obtained with earlier non-optimizing models.
Number of Pages in PDF File: 52
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Date posted: February 7, 2002
Suggested CitationGalí, Jordi, New Perspectives on Monetary Policy, Inflation, and the Business Cycle (February 2002). NBER Working Paper No. w8767. Available at SSRN: http://ssrn.com/abstract=299811
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