New Perspectives on Monetary Policy, Inflation, and the Business Cycle

Jordi Galí Y

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

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.

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References

1993Discretion versus policy rules in practice 2000Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory*1996Staggered Prices in a Utility-Maximizing Framework 1980The Solution of Linear Difference Models under Rational Expectations 1998Monetary Policy Shocks: What Have We Learned and to What End?1997An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy 1996Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations 1999Monetary Theory and Policy

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