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Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework (Englisch) Gebundene Ausgabe – 11. Februar 2008


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"With this book, magician Gali has pulled another important rabbit out of his hat. The book will help to increase the popularity of the New Keynesian model with graduate students, tomorrow's policymakers, and today's policymakers alike. Therefore, it can be considered a real grassroots initiative."--Christian Merkl, Journal of Economics

Synopsis

The New Keynesian framework has emerged as the workhorse for the analysis of monetary policy and its implications for 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 stability-oriented strategies adopted by most central banks throughout the industrialized world.This graduate-level textbook provides an introduction to the New Keynesian framework and its applications to monetary policy. Using a canonical version of the New Keynesian model as a reference framework, Jordi Gali explores issues pertaining to the design of monetary policy, including the determination of the optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting policies.

This is the most up-to-date and accessible introduction to the New Keynesian framework available. It uses a single benchmark model throughout. It is concise and easy to use. It includes exercises, and is an ideal resource for graduate students, researchers, and market analysts.


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19 von 22 Kunden fanden die folgende Rezension hilfreich
Not bad. 10. Juni 2010
Von Heraclitus Junior - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
This is a good book as an introduction to the basics of New Keynsian DSGE models. Overall, it's a pretty good read, however it does have its flaws. The first one is that the book can be far too terse at times. Critical parts of the mathematical analysis are left out of the book. For example, you will not learn how to solve a DSGE model by reading this book. Nor will you learn how to estimate a DSGE model. You will not learn how to simulate a DSGE model by reading this book either. You will not learn how to check the stability of steady states. You will not learn how appropriate some of the quantitative methods used in this book, for example log-linearization, are. One could argue that the book was not written to teach any of these things anyway. The author's aim may have been to simply provide a brief, qualitative feel for how monetary policy models are constructed and what sort of insights they yield.

However, even by that goal, the book has some serious flaws. The author doesn't spend enough time in justifying some of the underlying assumptions that go into DSGE models, nor does he perform any sort of robustness check on these assumptions. For instance, after reading this book, I have no idea why Gali log-linearizes the first order conditions of his model before he proceeds to the solution. I know theorems like Hartman-Grobman allow linearization of the transition function in a neighbourhood of a hyperbolic steady state, but linearisation of the first-order conditions? Why is this legitimate? If so, HOW legitimate is it? Since we never actually get the solution to a real DSGE, we can't know how wrong the linearizations are. This issue is totally ignored by Gali. Likewise, what are the implications of the specific form of the utility function he picks for the agents(or should that be agent)? Why does the household have market power in setting its own wages? How robust is the numerical welfare analysis to a change in the underlying, arbitrarily chosen, welfare function? What are the implications of the outlandish assumption that there are an infinite number of identical countries each with measure zero? Why are we allowed to assume that the production function is linear in technology? Why do we use Calvo pricing over adjustment costs and what are the implications? Why do these models completely abstract away from capital and investment? Why is this legitimate and what are the implications? Surely a model studying interest rates should have meaningful investment/consumption decisions (in Gali's models, the representative consumer consumes all output in every period and there is never any savings, because capital is not required for production). These and many other pertinent issues are wholly ignored by Gali. He never indicates why many of the assumptions are made or what their potential consequences are.

Despite all these simplifications though, a lot of the analysis still ends up being numerical (rather than analytical), and I found this to be thoroughly disappointing. I can appreciate how such a heavily stylized model might tell you something qualitatively valuable, but I wouldn't put any weight on its quantitative predictions. As it turns out, the model's numerical predictions are basically all we get. After reading this book, I know vaguely *what* monetary theorists do, but I have no idea *why* they do it! Not only that, I wouldn't trust a DSGE model to tell me anything quantitatively relevant about the real economy.

On the plus side, Gali doesn't mince his words. The book is relatively short and it communicates its main ideas efficiently. This is in contrast to the excruciating exercise in verbosity put out by Michael Woodford.
3 von 4 Kunden fanden die folgende Rezension hilfreich
Too bare bones 23. März 2013
Von Jyotirmoy Bhattacharya - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe Verifizierter Kauf
This book is extremely sparse. The basic new-Keynesian model as well as a few extensions are covered in just 224 small pages. Galí achieves this by giving very little space to either economic motivation and context or mathematical foundations. Rather, the models are presented more or less as streams of calculations. A reader who does not simultaneously refer to more detailed sources like Woodford's Interest and Prices is likely to come away with only a superficial understanding from this book.

Galí's work is very useful as a set of replacement lecture notes and problem sets for an instructor who does not want to write up her own and for this we must be thankful to him. But this is not yet a textbook that can be used for self-study.
1 von 1 Kunden fanden die folgende Rezension hilfreich
Kindle version is lousy 27. Mai 2012
Von Antti Ripatti - Veröffentlicht auf Amazon.com
Format: Kindle Edition Verifizierter Kauf
I bought the Kindle version of the Gali's book (I have physical version). The Kindle version is barely readable. The formulas are pasted as images. Text formulas are either italics, or graphic images, or weird attempt to do LaTeX coding. The inline formulas contain errors.

Do not buy kindle version. It is simply awful.
1 von 2 Kunden fanden die folgende Rezension hilfreich
Gali's book 6. Juli 2009
Von Pedro M. G. Alves - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
The book is a good piece of new-keynesian modeling writen by one of the main contributors for this area. It is very updated and it refers to the literature in a very accurate and interesting way. The material is quite mathematical and it can a bit hard to follow for people who had never had some calculus.
2 von 4 Kunden fanden die folgende Rezension hilfreich
Bad book 23. Februar 2014
Von Georgios Georgiopoulos - Veröffentlicht auf Amazon.com
Format: Gebundene Ausgabe
I have a PhD in finance and degrees in statistics so i consider myself as someone who can read a technical book. I had no experience with macroeconomic models apart from IS-LM and i said to give it a try, The author simply assumes too much without analyzing concepts such as steady states and in particular the log-linearization around the steady state. I found myself unable to reproduce many equations and i skipped them to get further understanding. At some point when i saw that i skipped too many derivations i simply gave up.

I think the author should concentrate more on making the derivations very explicit by describing in more detail how equations work. Moreover i would expect more economics in a narrative sense.
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