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Real Business Cycles with Involuntary Unemployment

Galí, Jordi - C.E.P.R. Discussion Papers - 1995

imperfect competition. In equilibrium, unemployment emerges as the result of the market power exercised by insiders at the firm … countercyclical unemployment rate, in a way qualitatively consistent with US data. …

Persistent link: https://www.econbiz.de/10005656397

Chapter 10. Monetary Policy and Unemployment

Galí, Jordi - In: Handbook of monetary economics : volume 3, (pp. 487-546). 2010

model labor market frictions and unemployment explicitly. This chapter describes some of the essential ingredients and …

Persistent link: https://www.econbiz.de/10014025670

Heterogeneity and Aggregate Fluctuations : Insights from TANK Models

Debortoli, Davide; Galí, Jordi - National Bureau of Economic Research - 2024

We analyze the merits and limitations of simple tractable New Keynesian models (RANK and TANK) in accounting for the aggregate predictions of Heterogenous Agent New Keynesian models (HANK). By means of comparison of a number of nested HANK models, we investigate the role played by (i)...

Persistent link: https://www.econbiz.de/10014576586

Labour markets and monetary policy : a new Keynesian model with unemployment

Blanchard, Olivier; Galí, Jordi - 2008

Persistent link: https://www.econbiz.de/10003704657

Insider-outsider labor markets, hysteresis and monetary policy

Galí, Jordi - 2020

Persistent link: https://www.econbiz.de/10012229664

Slow recoveries : a structural interpretation

Galí, Jordi; Smets, Frank; Wouters, Rafael - 2012

Persistent link: https://www.econbiz.de/10009551863

Slow recoveries : a structural interpretation

Galí, Jordi; Smets, Frank; Wouters, Rafael - 2012

Persistent link: https://www.econbiz.de/10009562335

Labour Markets and Monetary Policy: A New Keynesian Model with Unemployment

Blanchard, Olivier J; Galí, Jordi - C.E.P.R. Discussion Papers - 2008

We construct a utility-based model of fluctuations, with nominal rigidities and unemployment, and draw its implications … for the unemployment-inflation trade-off and for the conduct of monetary policy. We proceed in two steps. We first leave … unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage setting mechanisms …

Persistent link: https://www.econbiz.de/10005504699

Optimal Monetary Policy with r*<0

Billi, Roberto M.; Galí, Jordi; Nakov, Anton - National Bureau of Economic Research - 2023

We study the optimal monetary policy problem in a New Keynesian economy with a zero lower bound (ZLB) on the nominal interest rate, when the steady state natural rate (r*) becomes permanently negative. We show that the optimal policy aims to approach gradually a new steady state with positive...

Persistent link: https://www.econbiz.de/10014322895

Trends in Hours, Balanced Growth and the Role of Technology in the Business Cycle

Galí, Jordi - C.E.P.R. Discussion Papers - 2005

The present paper revisits a property embedded in most dynamic macroeconomic models: the stationarity of hours worked. First, I argue that, contrary to what is often believed, there are many reasons why hours could be non-stationary in those models, while preserving the property of balanced...

Persistent link: https://www.econbiz.de/10005666456