LEADER 04227oam 2200697Ia 450 001 9910781848903321 005 20190503073359.0 010 $a0-262-29791-4 010 $a1-283-30285-3 010 $a9786613302854 010 $a0-262-29879-1 035 $a(CKB)2550000000062708 035 $a(EBL)3339320 035 $a(OCoLC)759036892 035 $a(SSID)ssj0000542242 035 $a(PQKBManifestationID)12192586 035 $a(PQKBTitleCode)TC0000542242 035 $a(PQKBWorkID)10510031 035 $a(PQKB)10178203 035 $a(MiAaPQ)EBC3339320 035 $a(OCoLC)759036892$z(OCoLC)778616599$z(OCoLC)816867515$z(OCoLC)961584403$z(OCoLC)962695833$z(OCoLC)966211596$z(OCoLC)984605296$z(OCoLC)988455979$z(OCoLC)992117130$z(OCoLC)1037912153$z(OCoLC)1038670899 035 $a(OCoLC-P)759036892 035 $a(MaCbMITP)9001 035 $a(Au-PeEL)EBL3339320 035 $a(CaPaEBR)ebr10509216 035 $a(CaONFJC)MIL330285 035 $a(EXLCZ)992550000000062708 100 $a20101119d2011 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aUnemployment fluctuations and stabilization policies $ea new Keynesian perspective /$fJordi Gali? 210 $aCambridge, Mass. $cMIT Press$dİ2011 215 $a1 online resource (119 p.) 225 1 $aZeuthen lecture book series 300 $aRevised version of lectures delivered at the University of Copenhagen on March 17-19, 2010. 311 $a0-262-01597-8 320 $aIncludes bibliographical references and index. 327 $aA simple model of unemployment and inflation dynamics -- Unemployment, the output gap, and the welfare costs of economic fluctuations -- Unemployment and monetary policy design in the new Keynesian model -- Concluding remarks and directions for future research. 330 $aA new approach for introducing unemployment into the New Keynesian framework.The past fifteen years have witnessed the rise of the New Keynesian model as a framework of reference for the analysis of fluctuations and stabilization policies. That framework, which combines the rigor and internal consistency of dynamic general equilibrium models with such typically Keynesian assumptions as monopolistic competition and nominal rigidities, makes possible a meaningful, welfare-based analysis of the effects of monetary policy rules. But the conspicuous absence of unemployment from the standard New Keynesian model has given rise to both criticism and attempts to rectify this anomaly. In this book, Jordi Gali, one of the major contributors to the New Keynesian literature, offers a new approach to introducing unemployment into that framework. Gali's approach involves a reinterpretation of the labor market in the standard New Keynesian model with staggered wage setting (rather than a modification or extension of the model, as has been proposed by others). The resulting framework preserves the convenience of the representative household paradigm and allows one to determine the equilibrium levels of employment, the labor force, and hence the unemployment rate conditional on the monetary policy in place. Gali develops the basic model, embedding it in a standard New Keynesian framework with staggered price and wage setting; revisits the relationship between economic fluctuations and efficiency through the lens of the new model, developing a measure of the output gap; and analyzes the relation between unemployment and the design of monetary policy. 410 0$aZeuthen lecture book series. 606 $aUnemployment 606 $aUnemployment$xGovernment policy 606 $aMonetary policy 606 $aKeynesian economics 610 $aECONOMICS/Macroeconomics 610 $aECONOMICS/Labor Studies 615 0$aUnemployment. 615 0$aUnemployment$xGovernment policy. 615 0$aMonetary policy. 615 0$aKeynesian economics. 676 $a339.5/3 700 $aGali?$b Jordi$f1961-$01580486 801 0$bOCoLC-P 801 1$bOCoLC-P 906 $aBOOK 912 $a9910781848903321 996 $aUnemployment fluctuations and stabilization policies$93861447 997 $aUNINA