Macroeconomic modeling for monetary policy evaluation

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Journal of Economic Perspectives
http://hdl.handle.net/10230/1054
To cite or link this document: http://hdl.handle.net/10230/1054
dc.contributor.author Galí, Jordi
dc.contributor.author Gertler, Mark
dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.date.issued 2007-06-01
dc.identifier.citation Journal of Economic Perspectives
dc.identifier.uri http://hdl.handle.net/10230/1054
dc.description.abstract We describe some of the main features of the recent vintage macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models, and highlight the insights for policy that these new frameworks have to offer. Our discussion emphasizes two key aspects of the new models: the significant role of expectations of future policy actions in the monetary transmission mechanism, and the importance for the central bank of tracking of the flexible price equilibrium values of the natural levels of output and the real interest rate. We argue that both features have important implications for the conduct of monetary policy.
dc.language.iso eng
dc.relation.ispartofseries Economics and Business Working Papers Series; 1039
dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.title Macroeconomic modeling for monetary policy evaluation
dc.title.alternative Vol. 21 (4), 2007 25-45
dc.type info:eu-repo/semantics/workingPaper
dc.date.modified 2014-06-03T07:14:20Z
dc.subject.keyword Macroeconomics and International Economics
dc.subject.keyword new keynesian models
dc.subject.keyword microeconomic foundations
dc.subject.keyword nominal rigidities
dc.subject.keyword interest rate rules
dc.rights.accessRights info:eu-repo/semantics/openAccess


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