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

Jordi Galí

No 8767, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: E42 E52 (search for similar items in EconPapers)
Date: 2002-02
New Economics Papers: this item is included in nep-cba, nep-dge, nep-mon and nep-pke
Note: EFG ME
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (76)

Published as Dewatripont, M., L. Hansen, and S. Turnovsky (eds.) Advances in Economics and Econometrics, volume III. Cambridge University Press, 2003.

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Working Paper: New Perspectives on Monetary Policy, Inflation and the Business Cycle (2002)
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