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New perspectives on monetary policy, inflation, and the business cycle.” Working Paper No. 8767, National Bureau of Economic Research, February 2002. Forthcoming

By Jordi Galí, Richard Clarida, Mark Gertler and David López-salido


The present paper provides an overview of recent developments in the analysis of monetary policy in the presence of nominal rigidities. The paper emphasizes the existence of several dimensions in which the recent literature provides a new perspective on the linkages among monetary policy, inflation, and the business cycle. It is argued that the adoption of an explicitly optimizing, general equilibrium framework has not been superfluous; on the contrary, it has yielded many insights which, by their nature, could hardly have been obtained with earlier non-optimizing models. JEL Classification Numbers: E42, E52

Topics: nominal rigidities, monetary policy, Phillips curve, monetary
Publisher: University Press
Year: 1999
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