English, Article, Journal or magazine article edition: Macroeconomic Modeling for Monetary Policy Evaluation Jordi Galí; Jordi Galí; Mark Gertler

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Bookmark: http://trove.nla.gov.au/version/155084
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Macroeconomic Modeling for Monetary Policy Evaluation
Author
  • Jordi Galí
  • Jordi Galí
  • Mark Gertler
Physical Description
  • preprint
Notes
  • New Keynesian models, microeconomic foundations, nominal rigidities, interest rate rules
  • RePEc:upf:upfgen:1039
  • 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.
  • RePEc:nbr:nberwo:13542
Language
  • English
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