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The Financial Accelerator in a Quantitative Business Cycle Framework

Bernanke, Ben S.; Gertler, Mark; Gilchrist, Simon - National Bureau of Economic Research (NBER) - 1998

This paper develops a dynamic general equilibrium model that is intended to help clarify the role of credit market frictions in business fluctuations, from both a qualitative and a quantitative standpoint. The model is a synthesis of the leading approaches in the literature. In particular, the...

Persistent link: https://www.econbiz.de/10005088807

Macroeconomic Modeling for Monetary Policy Evaluation

Gali, Jordi; Gertler, Mark - National Bureau of Economic Research (NBER) - 2007

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...

Persistent link: https://www.econbiz.de/10005084740

Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory

Clarida, Richard H.; Gali, Jordi; Gertler, Mark - National Bureau of Economic Research (NBER) - 1998

the Volcker-Greenspan period appears to have been much more sensitive to changes in expected inflation than in the pre …-Volcker period. We then compare some of the implications of the estimated rules for equilibrium properties of inflation and output …-fulfilling fluctuations in inflation and output. In contrast, the Volcker-Greenspan rule is stabilizing. …

Persistent link: https://www.econbiz.de/10005718672

The Financial Accelerator and the Flight to Quality

Bernanke, Ben S.; Gertler, Mark; Gilchrist, Simon - National Bureau of Economic Research (NBER) - 1994

Adverse shocks to the economy may be amplified by worsening credit-market conditions-- the financial 'accelerator'. Theoretically, we interpret the financial accelerator as resulting from endogenous changes over the business cycle in the agency costs of lending. An implication of the theory is...

Persistent link: https://www.econbiz.de/10005720602

Unemployment Fluctuations With Staggered Nash Wage Bargaining

Gertler, Mark; Trigari, Antonella - National Bureau of Economic Research (NBER) - 2006

A number of authors have recently emphasized that the conventional model of unemployment dynamics due to Mortensen and Pissarides has difficulty accounting for the relatively volatile behavior of labor market activity over the business cycle. We address this issue by modifying the MP framework...

Persistent link: https://www.econbiz.de/10005089216

Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve

Gali, Jordi; Gertler, Mark; Lopez-Salido, J. David - National Bureau of Economic Research (NBER) - 2005

Galí and Gertler (1999) developed a hybrid variant of the New Keynesian Phillips curve that relates inflation to real … marginal cost, expected future inflation and lagged inflation. GMM estimates of the model suggest that forward looking behavior … is dominant: The coefficient on expected future inflation substantially exceeds the coefficient on lagged inflation …

Persistent link: https://www.econbiz.de/10005050432