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A New Keynesian model with unemployment
Blanchard, Olivier; Galí, Jordi - 2006
We develop a utility based model of fluctuations, with nominal rigidities, and unemployment. In doing so, we combine …-Mortensen-Pissarides model, with its focus on labor market frictions and unemployment. In developing this model, we proceed in two steps. We … effect on unemployment in the constrained efficient allocation. We then focus on the implications of alternative real wage …
Persistent link: https://www.econbiz.de/10010298357
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Real wage rigidities and the new Keynesian model
Blanchard, Olivier; Galí, Jordi - 2005
provides a natural interpretation for the dynamic inflation-unemployment relation found in the data. …
Persistent link: https://www.econbiz.de/10010280864
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The vanishing procyclicality of labor productivity
Galí, Jordi; van Rens, Thijs - 2010
We document three changes in postwar US macroeconomic dynamics: (i) the procyclicality of labor productivity has vanished, (ii) the relative volatility of employment has risen, and (iii) the relative (and absolute) volatility of the real wage has risen. We propose an explanation for all three...
Persistent link: https://www.econbiz.de/10010270843
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Konjunkturschlaglicht: Japan schwach bei Wachstum und Konjunktur
Gern, Klaus-Jürgen - In: Wirtschaftsdienst 104 (2024) 7, pp. 507-508
Persistent link: https://www.econbiz.de/10015047277
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Understanding the effects of government spending on consumption
Galí, Jordi; Vallés, Javier; Wolman, Alexander L. - 2003
Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...
Persistent link: https://www.econbiz.de/10010298292
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Understanding the effects of government spending on consumption
Galí, Jordi; López-Salido, David; Vallés, Javier - 2004
Recent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of...
Persistent link: https://www.econbiz.de/10011604385
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Growth prospects, the natural interest rate, and monetary policy
Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019
The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP...
Persistent link: https://www.econbiz.de/10011984446
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Growth prospects, the natural interest rate, and monetary policy
Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - In: Economics: The Open-Access, Open-Assessment E-Journal 13 (2019) 2019-35, pp. 1-34
The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP...
Persistent link: https://www.econbiz.de/10012023260
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Optimal monetary policy with r* < 0
Billi, Roberto M.; Galí, Jordi; Nakov, Anton - 2024
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/10014564038
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Gains from wage flexibility and the zero lower bound
Billi, Roberto; Galí, Jordi - 2019
We analyze the welfare impact of greater wage flexibility while taking into account explicitly the existence of the zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when...
Persistent link: https://www.econbiz.de/10012182829