This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window
Open in New Tab
Open in same window
Journal of Economic Perspectives: Vol. 21 No. 4 (Fall 2007)
JEP Volume. 21, Issue 4 | 
Previous ArticleNext Article
Sign up for Email Alerts Follow us on Twitter
Full-text Article (Complimentary)
View Comments on This Article (0) | Login to post a comment
Previous ArticleNext Article
Expand
Quick Tools:
Print Article Summary Email Link to this Article Export CitationSign up for Email Alerts Follow us on Twitter
Explore:
Macroeconomic Modeling for Monetary Policy Evaluation
Article Citation
Galí, Jordi, and
Mark Gertler. 2007. "Macroeconomic Modeling for Monetary Policy Evaluation."
Journal of Economic Perspectives,
21(4): 25-46.
DOI: 10.1257/jep.21.4.25
DOI: 10.1257/jep.21.4.25
Abstract
We describe some of the main features of the recent vintage of macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models and highlight the insights for policy that these new frameworks have to offer. Our discussion emphasizes two key aspects of the new models: 1) the significant role of expectations of future policy actions in the monetary transmission mechanism and 2) the importance for the central bank of tracking 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.
Article Full-Text Access
Full-text Article (Complimentary)
Authors
Galí, Jordi
Gertler, Mark
Gertler, Mark
Comments
View Comments on This Article (0) | Login to post a comment
