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

Galí, Jordi - Princeton University Press

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 …, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting …

Persistent link: https://www.econbiz.de/10005797564

Policy Interaction, Learning and the Fiscal Theory of Prices

Evans, G W; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2002

We investigate both the rational explosive inflation paths studied by McCallum (2001), and the classification of fiscal … domains for which the fiscal theory solution, in which fiscal variables affect the price level, can be a stable outcome under …

Persistent link: https://www.econbiz.de/10005136683

Technology Shocks and Monetary policy: Assessing the Fed's Performance

Galí, Jordi; López-Salido, David; Vallés, Javier - Banco de España - 2000

and its implications for US output, hours and inflation. Second we evaluate the extent to which that responses can be …

Persistent link: https://www.econbiz.de/10005590706

Policy interaction, learning and the fiscal theory of prices

Evans, George W.; Honkapohja, Seppo - Suomen Pankki - 2002

We investigate both the rational explosive inflation paths studied by McCallum (2001) and the classification of fiscal … domains for which the fiscal theory solution – in which fiscal variables affect the price level – can be a stable outcome …

Persistent link: https://www.econbiz.de/10005423711

Endogenous Growth and Poverty Traps in a Cournotian Model

Galí, Jordi; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1994

We analyse the implications for the dynamics of capital accumulation of market power and endogenous demand elasticities, in an environment in which the latter are affected by the number of competitors in each industry. In equilibrium the interest rate increases as capital accumulates, even...

Persistent link: https://www.econbiz.de/10005791425

Multiple Equilibria in a Growth Model with Monopolistic Competition

Galí, Jordi - C.E.P.R. Discussion Papers - 1993

We develop a simple growth model with imperfect competition in which demand conditions can affect the dynamics of capital accumulation, hindering or enhancing growth. In our model the elasticity of the demand schedule faced by a typical firm depends on the aggregate savings rate. The latter...

Persistent link: https://www.econbiz.de/10005124443

Complementarity, growth, and trade

Honkapohja, Seppo; Turunen-Red, Arja - In: Canadian Journal of Economics 35 (2002) 3, pp. 495-516

We consider an endogenous growth model with international trade in complementary capital goods. The model possesses several distinct, balanced growth solutions, which we classify using stability under adaptive learning. Some of the equilibria can involve growth rates much higher than others. We...

Persistent link: https://www.econbiz.de/10005111377

Expectations, learning and monetary policy: an overview of recent research

Evans, George W; Honkapohja, Seppo - Suomen Pankki - 2007

Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...

Persistent link: https://www.econbiz.de/10005419689

Comparing Inflation and Price Level Targeting: the Role of Forward Guidance and Transparency

Honkapohja, Seppo; Mitra, Kaushik - C.E.P.R. Discussion Papers - 2015

transparent and non-transparent regimes are compared to each other and to the corresponding cases of inflation targeting … volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational …

Persistent link: https://www.econbiz.de/10011213315

Monetary policy and rational asset price bubbles

Galí, Jordi - Department of Economics and Business, Universitat … - 2011

I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to enhance the fluctuations in the latter,...

Persistent link: https://www.econbiz.de/10009372108

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