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Macroeconomic modeling for monetary policy evaluation;
Vol. 21 (4), 2007 25-45
Galí, Jordi; Gertler, Mark
Universitat Pompeu Fabra. Departament d'Economia i Empresa
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 ofmacro models, and highlight the insights for policy that these new frameworks have to offer. Our discussion emphasizes two key aspects of the new models: the significant role of expectations of future policy actions in the monetary transmission mechanism, and the importance for the central bank of tracking of the flexible price equilibrium values of the natural levels of output and the real interest rate. We argue that both features have important implications for the conduct of monetary policy.
Macroeconomics and International Economics
new keynesian models
microeconomic foundations
nominal rigidities
interest rate rules
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