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Labor markets and monetary policy: A new-Keynesian model with unemployement

Blanchard, Olivier; Galí, Jordi - Department of Economics and Business, Universitat … - 2006

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/10005772253

Employment consequences of restrictive permanent contracts: Evidence from Spanish labor market reforms

Kugler, Adriana; Jimeno, Juan F.; Hernanz, Virginia - Department of Economics and Business, Universitat … - 2002

Temporary employment contracts allowing unrestricted dismissals were introduced in Spain in 1984 and quickly came to … transitions from unemployment and temporary employment into permanent employment for young and older workers, although the effects …

Persistent link: https://www.econbiz.de/10005827506

Slow recoveries: A structural interpretation

Galí, Jordi; Smets, Frank; Wouters, Rafael - Department of Economics and Business, Universitat … - 2012

An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and...

Persistent link: https://www.econbiz.de/10010849609

Understanding the gains from wage flexibility: The exchange rate connection

Galí, Jordi; Monacelli, Tommaso - Department of Economics and Business, Universitat … - 2013

We study the gains from increased wage flexibility and their dependence on exchange rate policy, using a small open economy model with staggered price and wage setting. Two results stand out: (i) the impact of wage adjustments on employment is smaller the more the central bank seeks to stabilize...

Persistent link: https://www.econbiz.de/10010849633

The effects of a money-financed fiscal stimulus

Galí, Jordi - Department of Economics and Business, Universitat … - 2014

I analyze the effects of an increase in government purchases financed entirely through seignorage, in both a classical and a New Keynesian framework, and compare them with those resulting from a more conventional debt-financed stimulus. My findings point to the importance of nominal rigidities...

Persistent link: https://www.econbiz.de/10010929584

Markups, gaps and the welfare costs of business fluctuations

Galí, Jordi; Gertler, Mark; López-Salido, J. David - Department of Economics and Business, Universitat … - 2005

equilibrium is distorted, the gross efficiency losses from recessions and gains from booms may be large. Indeed, we find that the … major recessions involved large efficiency losses. These results hold for reasonable parameterizations of the Frisch …

Persistent link: https://www.econbiz.de/10005572567

Modern perspectives on stabilization policies

Galí, Jordi - Department of Economics and Business, Universitat … - 2004

associated with recessions, and (ii) the effectiveness of fiscal policy as a stabilization tool. The paper also discusses some …

Persistent link: https://www.econbiz.de/10005772004

Monetary policy rules and macroeconomic stability: Evidence and some theory

Clarida, Richard; Galí, Jordi; Gertler, Mark - Department of Economics and Business, Universitat … - 1997

We estimate a forward-looking monetary policy reaction function for the postwar United States economy, before and after Volcker's appointment as Fed Chairman in 1979. Our results point to substantial differences in the estimated rule across periods. In particular, interest rate policy in the...

Persistent link: https://www.econbiz.de/10005772341

Real wage rigidities and the new Keynesian model

Blanchard, Olivier; Galí, Jordi - Department of Economics and Business, Universitat … - 2005

provides a natural interpretation for the dynamic inflation-unemployment relation found in the data. …

Persistent link: https://www.econbiz.de/10005772405

Inflation dynamics: A structural econometric analysis

Galí, Jordi; Gertler, Mark - Department of Economics and Business, Universitat … - 1998

We develop and estimate a structural model of inflation that allows for a fraction of firms that use a backward looking rule to set prices. The model nests the purely forward looking New Keynesian Phillips curve as a particular case. We use measures of marginal costs as the relevant determinant...

Persistent link: https://www.econbiz.de/10005772538