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Product Description
Unemployment Fluctuations and Stabilization Policies: A New Keynesian Perspective (Zeuthen Lectures) (9780262015974): Jordi Galí: Books. The New Keynesian model is a beautiful construction. But it is only a basic structure that needs to be extended in many ways if we are to understand the world, and design policy. An essential extension is a treatment of the labor market that allows for involuntary unemployment. In this book, Jordi Galí takes an important step in that direction. The elegance and the clarity of his treatment will allow others to further build on it. Olivier Blanchard , Economic Counsellor and Research Department Director, International Monetary Fund, and Class of 1941 Professor, MITThis book represents an authoritative, modern statement of a classic theory of unemployment, the monopoly power theory. Not only does Galí provide a lucid statement of the theory, but he works out a number of important implications. As is to be expected, given the author, the book also provides other important insights into dynamic macroeconomic modeling. For example, it proposes a very elegant way to integrate 'indivisible labor' into a business cycle model. Lawrence Christiano , Alfred W. Chase Chair in Business Institutions and Professor of Economics, Northwestern UniversityThis is a masterly exposition of how unemployment can explicitly be introduced in the basic New Keynesian model with important implications for understanding unemployment fluctuations and the benefits of stabilization policies. Frank Smets , Director General of Research, European Central Bank
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