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The new Keynesian approach to monetary policy analysis: Lessons and new directions
Galí, Jordi
Universitat Pompeu Fabra. Departament d'Economia i Empresa
I discuss several lessons regarding the design and conduct of monetary policy that have emerged out of the New Keynesian research program. Those lessons include the bene.ts of price stability, the gains from commitment about future policies, the importance of nat-ural variables as benchmarks for policy, and the bene.ts of a credible anti-inflationary stance. I also point to one challenge facing NK modelling efforts: the need to come up with relevant sources of policy tradeoffs. A potentially useful approach to meeting that challenge, based on the introduction of real imperfections, is presented.
Macroeconomics and International Economics
sticky prices
optimal policy
interest rate rules
policy tradeoffs
gains from commitment
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