Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective

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Jordi Gali

Unemployment Fluctuations and Stabilization Policies

A New Keynesian Perspective

Jordi Gali

$79.99

Paperback

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English

MIT Press
10 December 2024

Macroeconomics

Series: Zeuthen Lectures

A new approach for introducing unemployment into the New Keynesian framework.

A new approach for introducing unemployment into the New Keynesian framework.

The past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as monopolistic competition and nominal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this anomaly. In this book, Jordi Gali, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework.

Gali's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place.

Gali develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between economic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy.

By: Jordi Gali
Imprint: MIT Press
Country of Publication: United States
Dimensions: Height: 229mm, Width: 152mm,
Weight: 369g
ISBN: 9780262553827
ISBN 10: 0262553821
Series: Zeuthen Lectures
Pages: 120
Publication Date: 10 December 2024
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active

Jordi Gali is Director of CREI, Professor at Universitat Pompeu Fabra, and Research Professor at Barcelona Graduate School of Economics. He is the author of Monetary Policy, Inflation, and the Business Cycle- An Introduction to the New Keynesian Framework.

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Unemployment Fluctuations and Stabilization Policies

A New Keynesian Perspective

Jordi Gali

$79.99

Paperback

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