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R Clarida, J Gali… - 1999 - nber.org
This paper reviews the recent literature on monetary policy rules. We exploit the monetary
policy design problem within a simple baseline theoretical framework. We then consider the
implications of adding various real world complications. Among other things, we show that ...
R Clarida, J Gali… - The Quarterly Journal of …, 2000 - qje.oxfordjournals.org
Abstract We estimate a forward-looking monetary policy reaction function for the postwar
United States economy, before and after Volcker's appointment as Fed Chairman in 1979.
Our results point to substantial differences in the estimated rule across periods. In ...
BS Bernanke… - 1986 - nber.org
Bad economic times are typically associated with a high incidence of financial distress, eg,
insolvency and bankruptcy. This paper studies the role of changes in borrower solvency in
the initiation and propagation of the business cycle. We first develop a model of the ...
BS Bernanke,
M Gertler… - Handbook of macroeconomics, 1999 - Elsevier
Abstract This chapter develops a dynamic general equilibrium model that is intended to help
clarify the role of credit market frictions in business fluctuations, from both a qualitative and a
quantitative standpoint. The model is a synthesis of the leading approaches in the ...
BS Bernanke… - 1995 - nber.org
The'credit channel'theory of monetary policy transmission holds that informational frictions in
credit markets worsen during tight-money periods. The resulting increase in the external
finance premium--the difference in cost between internal and external funds--enhances ...
J Gali… - Journal of monetary Economics, 1999 - Elsevier
We develop and estimate a structural model of inflation that allows for a fraction of firms that
use a backward-looking rule to set prices. The model nests the purely forward-looking New
Keynesian Phillips curve as a particular case. We use measures of marginal cost as the ...
R Clarida, J Gali… - european economic review, 1998 - Elsevier
This paper reports estimates of monetary policy reaction functions for two sets of countries:
the G3 (Germany, Japan, and the US) and the E3 (UK, France, and Italy). We find that since
1979 each of the G3 central banks has pursued an implicit form of inflation targeting, ...
We present evidence on the cyclical behavior of small versus large manufacturing firms, and
on the response of the two classes of firms to monetary policy. Our goal is to take a step
toward quantifying the role of credit market imperfections in the business cycle and in the ...
Adverse shocks to the economy may be amplified by worsening credit-market conditions--
the financial'accelerator'. Theoretically, we interpret the financial accelerator as resulting
from endogenous changes over the business cycle in the agency costs of lending. An ...
B Bernanke… - 2000 - nber.org
We explore the implications of asset price volatility for the management of monetary policy.
We show that it is desirable for central banks to focus on underlying inflationary pressures.
Asset prices become relevant only to the extent they may signal potential inflationary or ...
J Galı,
M Gertler… - European Economic Review, 2001 - Elsevier
We provide evidence on the fit of the New Phillips Curve (NPC) for the Euro area over the
period 1970–1998, and use it as a tool to compare the characteristics of European inflation
dynamics with those observed in the US We also analyze the factors underlying inflation ...
This paper surveys literature which explores the possible links between the financial system
and aggregate economic behavior. The survey is in two parts: The first reviews the
traditional work and the second discusses new research.
BS Bernanke,
M Gertler, M Watson, CA Sims… - Brookings papers on …, 1997 - JSTOR
THE PRINCIPAL OBJECTIVE of this paper is to increase our understanding of the role of
monetary policy in postwar US business cycles. We take as our starting point two common
findings in the recent monetary policy literature based on vector autoregressions (VARs).' ...
BS Bernanke… - The American Economic Review, 2001 - JSTOR
In recent decades, asset booms and busts have been important factors in macroeconomic
fluctuations in both industrial and developing countries. In light of this experience, how, if at
all, should central bankers respond to asset price volatility? We have addressed this issue ...
BS Bernanke… - 1987 - nber.org
Applied macroeconomists (eg, Eckstein and Sinai (1986)) have stressed the role of financial
variables, such as firm balance sheet positions, in the determination of investment spending
and output. Our paper presents a formal analysis of this link. We develop a model of the ...
AN Berger, AK Kashyap, JM Scalise… - Brookings papers on …, 1995 - JSTOR
Electronic copies of all data in tables Al-AIO are available in machine-readable form from the
Wharton Financial Institutions Center, 3301 Steinberg Hall-Dietrich Hall, Philadelphia, PA
19104-6367, phone (215) 573-5838, fax (215) 573-8757, and e-mail tatum@ wharton. ...
R Clarida, J Gali… - 2001 - nber.org
This paper develops a new open economy macro model of optimal monetary for a small
open economy. Our main result is that in this model, the optimal policy problem for the small
open economy is isomorphic to the closed economy case studied in Clarida, Gali, Gertler ( ...
M Gertler, S Gilchrist - The Scandinavian Journal of Economics, 1993 - JSTOR
Recently, a debate has resurfaced on whether and how credit market imperfections may
play a role in the transmission of monetary policy. This new literature attempts to identify the
effects of credit market imperfections by analyzing the response to tight money of different ...
RH Clarida… - 1997 - nber.org
Over the last decade there has been a growing belief among economists and policymakers
that the primary objective of monetary policy should be to control inflation. Two kinds of
arguments are cited. First, experience suggests that fine-tuning the economy is not a ...
R Clarida, J Gali… - Journal of Monetary Economics, 2002 - Elsevier
We study the international monetary policy design problem within an optimizing two-country
sticky price model, where each country faces a short run tradeoff between output and
inflation. The model is sufficiently tractable to solve analytically. We find that in the Nash ...
M Gertler, S Gilchrist… - Journal of Money, Credit …, 2007 - Wiley Online Library
1. The views in this paper are solely the responsibility of the authors and should not be
interpreted as reflecting the views of the Board of Governors of the Federal Reserve System
or of any other person associated with the Federal Reserve System. We thank Philippe ...
J Gali,
M Gertler… - Journal of Monetary Economics, 2005 - Elsevier
Galí and Gertler [1999. Inflation dynamics: a structural econometric approach. Journal of
Monetary Eonomics 44 (2), 195–222] developed a hybrid variant of the New Keynesian
Phillips curve that relates inflation to real marginal cost, expected future inflation and ...
A number of authors have recently emphasized that the conventional model of
unemployment dynamics due to Mortensen and Pissarides has difficulty accounting for the
relatively volatile behavior of labor market activity over the business cycle. We address ...
SR Aiyagari,
M Gertler - Journal of Monetary Economics, 1991 - Elsevier
Abstract We explore whether incorporating an explicit motive for holding liquid assets within
an equilibrium asset pricing model helps explain the following features of asset returns and
turnover in the post-war US economy:(i) the low, risk-free real interest rate,(ii) the large ...
J Gali,
M Gertler… - the Review of Economics and …, 2007 - MIT Press
Abstract We present a simple theory-based measure of the variations in aggregate
economic efficiency: the gap between the marginal product of labor and the household's
consumption leisure tradeoff. We show that this indicator corresponds to the reciprocal of ...
JH Boyd… - 1995 - nber.org
This paper reexamines the conventional wisdom that commercial banking is an industry in
severe decline. We find that a careful reading of the evidence does not justify this
conclusion. It is true that on-balance sheet assets held by commercial banks have ...
Recent research in macroeconomics--both theoretical and empirical--has resurrected the
idea that capital market imperfections may be significant factors in business volatility by
making new progress in characterizing the mechanisms. This paper outlines a case for a ...
M Gertler, N Kiyotaki - Handbook of Monetary Economics, 2010 - gaia.eu-tokyo.ac.jp
Abstract We develop a canonical framework to think about credit market frictions and
aggregate economic activity in the context of the current crisis. We use the framework to
address two issues in particular: first, how disruptions in financial intermediation can ...
M Gertler… - Journal of Monetary Economics, 2011 - Elsevier
We develop a quantitative monetary DSGE model with financial intermediaries that face
endogenously determined balance sheet constraints. We then use the model to evaluate the
effects of the central bank using unconventional monetary policy to combat a simulated ...
M Gertler… - Journal of monetary Economics, 1990 - Elsevier
Abstract We develop an open-economy model of intertemporal trade under asymmetric
information. Capital market imperfections are endogenous and depend on a country's stage
of economic development. Relative to the perfect-information benchmark, North-South ...
D Comin… - 2003 - nber.org
Over the postwar, the US, Europe and Japan have experienced what may be thought of as
medium frequency oscillations between persistent periods of robust growth and persistent
periods of relative stagnation. These medium frequency movements, further, appear to ...
M Gertler - The Review of Economic Studies, 1992 - restud.oxfordjournals.org
Abstract This paper motivates a financial propagation mechanism in the context of an
intertemporal production economy with asymmetric information, and with borrowers and
lenders who enter multi-period financial relationships. A key feature is that aggregate ...
BM Friedman, KN Kuttner,
M Gertler… - Brookings papers on …, 1996 - JSTOR
SOMETIMES IT IS hard to leave well enough alone. During the first half of the 1980s US
monetary policy was the central actor at work in reducing the American economy's ongoing
rate of price inflation from low double digits to low single digits-and, moreover, doing so at ...
We develop an analytically tractable Phillips curve based on state-dependent pricing. We
differ from the existing literature by considering a local approximation around a zero inflation
steady state and introducing idiosyncratic shocks. The resulting Phillips curve is a simple ...
The market for high yield (below investment-grade) corporate bonds developed in the
middle 1980s. We show that, since this time, the high yield spread has had significant
explanatory power for the business cycle. We interpret this finding as possibly ...
[CITATION] Banking and macroeconomic equilibrium
B Bernanke… - 1986 - Woodrow Wilson School, Princeton …
BM Friedman, KN Kuttner, BS Bernanke… - brookings Papers on …, 1993 - JSTOR
THE PROTRACTED WEAKNESS of the US economy that began in 1990 (earlier by some
measures) has raised once again some long-standing questions about the relationship
between economic activity and the short-term credit markets. To what extent did the ...
J Galí… - 2007 - nber.org
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 of macro models, and highlight the insights for policy that these new ...
JH Boyd… - 1993 - nber.org
According to a variety of commonly used indicators, US commercial banking appears to be
in both decline and distress. Figure 1 shows that the banking industry's share of the total
amount of funds advanced in US credit markets peaked in 1975 at 34%. It has dropped ...
We attempt to explain the overreaction of asset prices to movements in short-term interest
rates, dividends, and asset supplies. The key element of our explanation is a margin
constraint that traders face which limits their leverage to a fraction of the value of their ...
M Gertler, L Sala… - Journal of Money, Credit and …, 2008 - Wiley Online Library
We develop and estimate a medium scale macroeconomic model that allows for
unemployment and staggered nominal wage contracting. In contrast to most existing
quantitative models, employment adjustment is on the extensive margin and the ...
M Gertler - Carnegie-Rochester Conference Series on Public …, 1999 - Elsevier
This paper develops a tractable overlapping generations model that is useful for analyzing
both the short-and long-run impact of fiscal policy and social security. It modifies the
Blanchard (1985)/Weil (1987) framework to allow for life-cycle behavior. This is ...
AB Frankel, JD Montgomery, BM Friedman… - Brookings Papers on …, 1991 - JSTOR
IN RECENT YEARS many financial service firms in the United States and other
industrialized countries have not prospered. Public confidence in the health of the US
banking system has declined as bank losses and failures have increased throughout the ...
[CITATION] Finance, public policy and growth
M Gertler, A Rose - Gerard Caprio Jr. et al, 1994
S Rao Aiyagari… - Journal of Monetary Economics, 1985 - Elsevier
Abstract This paper examines the implications of the fiscal backing of government bonds for
the effects of conventional macroeconomic policies and, in particular, for certain monetarist
propositions. It shows that the validity of some basic monetarist hypotheses requires a ...
Recent time-series work in macroeconomics has emphasized the role of the interest rate
spread between risky and safe debt in forecasting real GNP. Stock and Watson (1989) and
Friedman and Kuttner (1989) demonstrate that this interest differential has greater ...
M Gertler, S Gilchrist - Finance and Economics Discussion Series, 1993 - ideas.repec.org
No abstract is available for this item. ... To our knowledge, this item is not available for
download. To find whether it is available, there are three options: 1. Check below under "Related
research" whether another version of this item is available online. 2. Check on the ...
BS Bernanke,
M Gertler… - Journal of Money, Credit and …, 2004 - JSTOR
HAMILTON AND HERRERA (HH) have provided an interesting comment on our 1997 paper
(Bernanke, Gertler, and Watson 1997 [BGW]). We take the opportunity offered to us by the
editors to respond bnefly. The goal of BGW was to show that the magnitude and shape of ...
M Gertler… - 1991 - nber.org
This paper develops a simple model of corporate financial structure intended to formalize
the macroeconomic concern over excessive leverage. In particular, we attempt to rationalize
why firms designing an optimal capital structure would choose a level of debt that leaves ...
JH Boyd… - Federal Reserve Bank of Minneapolis …, 1994 - minneapolisfed.org
The 1980s witnessed the greatest crisis in US commercial banking since the Great
Depression. Faced with both increased competition from open market sources of credit and
nonbank intermediation and a series of adverse shocks to loan portfolios, banks ...
This report collects the views of several prominent scholars and central bankers on whether
and how asset price developments can be incorporated in the design of monetary policy.
The views were expressed in a concluding panel discussion of a conference on Asset ...
M Gertler, E Grinols - Journal of Monetary Economics, 1982 - Elsevier
Abstract This paper develops a neoclassical model in which the behavior of the money
supply affects investment by affecting the real distribution of asset returns. Investment
depends on wealthholders' demand for capital. A stochastic money growth rule influences ...
J Galí,
M Gertler… - European Economic …, 2003 - ideas.repec.org
If you experience problems downloading a file, check if you have the proper application to
view it first. Information about this may be contained in the File-Format links below. In case of
further problems read the IDEAS help page. Note that these files are not on the IDEAS site ...
Development economists have long argued that modern financial markets are important to
growth and that financial repression is a serious obstacle to progress in many developing
countries. The authors consider the relationship between finance and growth and the ...
BS Bernanke… - 1985 - nber.org
This paper attempts to provide a step towards understanding the role of financial
intermediaries (" banks") in aggregate economic activity. We first develop a model of the
intermediary sector which is highly simplified, but rich enough to motivate several special ...
[CITATION] Monetary policy rules and macroeconomic stability: Evidence and some theory
C Richard, J Gali… - Quarterly Journal of Economics, 2000
M Gertler, L Sala… - forthcoming in Journal of Money, Credit …, 2007 - ecares.org
Abstract We develop and estimate a medium scale macroeconomic model that allows for
unemployment and staggered nominal wage contracting. In contrast to most existing
quantitative models, employment adjustment is on the extensive margain and the ...
M Gertler - The Journal of Political Economy, 1982 - JSTOR
Nominal wages have less variation about a trend than the money supply does, and the
variation is more persistent. This inertia in the nominal wage is often cited as the principal
source of stagflation. This paper explains the phenomenon by appealing to temporary ...
M Gertler - Journal of Money, Credit and Banking, 1995 - JSTOR
FIG. 1. Spread between the Prime and the Six-month T-bill Rates versus Real GDP Growth.
is the spread between the prime and the six-month T-bill rate; ___ is the real GDP growth
rate (quarterly). t denotes business cycle trough and p denotes business cycle peak.
ML Gertler… - 1990 - nber.org
... Mark Gertler R. Glenn Hubbard ... Mark Gertler R. Glenn Hubbard Department of Economics Graduate
School of Business University of Wisconsin Columbia University 1180 Observatory Drive 609
Uris Hall Madison, WI 53706 New York, NY 10027 (608)262-7789 (212)854-3493 ...
M Gertler, N Kiyotaki… - htpp://www. hec. unil. ch/ …, 2010 - econ.univie.ac.at
Abstract We develop a macroeconomic model with financial intermediation that allow the
intermediaries (banks) to issue outside equity as well as short term debt. This makes bank
risk exposure an endogenous choice. The goal is to have a model that can not only ...
We explore the implications of current account adjustment for monetary policy within a
simple two-country DSGE model. Our framework nests Obstfeld and Rogoff's (2005) static
model of exchange rate responsiveness to current account reversals. It extends this ...
J Gali,
M Gertler… - … , CREI/New York University/Bank of …, 2001 - uned.es
Abstract Galí and Gertler (1999) developed a hybrid variation of the New Keynesian Phillips
curve that relates inflation to real marginal cost, expected future inflation and lagged
inflation. Estimates of the model suggest that forward looking behavior is highly important; ...
M Gertler… - Journal of Money, Credit and Banking, 1982 - JSTOR
THIS PAPER INVESTIGATES whether there exist risk premia for common stock returns
associated with unemployment and inflation. Over the last decade, there have been large
fluctuations in both macroeconomic and financial variables. The main purpose of this ...
We develop a model in which innovations in an economy's growth potential are an important
driving force of the business cycle. The framework shares the emphasis of the recent" new
shock" literature on revisions of beliefs about the future as a source of fluctuations, but ...
[CITATION] iThe science of monetary policy: Evidence and some theoryj
R Clarida, J Galí… - Journal of Economic Literature, 1999
[CITATION] Financial fragility and economic performance
B Ben… - Quarterly Journal of Economics, 1990
[CITATION] The Flight to Quality and the Financial Accelerator
BS Bernanke, M Gertler… - Review of Economics and Statistics, 1996
[CITATION] 'Comments on Friedman and Kuttner
M Gertler - Brookings Papers on Economic Activity, 1996
M Gertler - Journal of Economic Theory, 1979 - econpapers.repec.org
... EconPapers has moved to http://EconPapers.repec.org! Please update your bookmarks. Money,
prices, and inflation in macroeconomic models with rational inflationary expectations. Mark Gertler ().
Journal of Economic Theory, 1979, vol. 21, issue 2, pages 222-234. ...
GJ Hall, S Krieger… - Brookings Papers on Economic Activity, 2000 - JSTOR
AFTER NEARLY THIRTY straight years of deficit spending, the fiscal position of the US
government has experienced a dramatic turnaround. In fiscal years 1998 and 1999, for the
first time since the 1950s, the federal government ran back-to-back budget surpluses. With ...
S Gilchrist, BS Bernanke… - Finance and Economics …, 1994 - econpapers.repec.org
Related works: Working Paper: The Financial Accelerator and the Flight to Quality (1994) Working
Paper: The Financial Accelerator and the Flight to Quality (1994) Journal Article: The Financial
Accelerator and the Flight to Quality (1996) This item may be available elsewhere in ...
BM Friedman… - Brookings Papers on Economic Activity, 2003 - JSTOR
Benjamin M. Friedman: The pathetic floundering of the Japanese economy, with 1 percent
real growth or less in seven of the last eleven years, and falling prices in eight of the last
nine, has called new attention to a variety of economic issues that last assumed practical ...
This paper characterizes a multi-period production economy in which borrowers and lenders
enter long-term financial contracts. A key feature is that aggregate production and borrowers'
capacity to absorb debt--their" financial capacity"-are jointly determined endogenous ...
We show that across developing countries, external debt to private creditors rises more than
proportionately with income. We then develop a simple theoretical model consistent with this
phenomenon and also consistent with the well-documented relationship between capital ...
BM Friedman… - Brookings Papers on …, 1979 - en.scientificcommons.org
[CITATION] Salido. 2007. nMarkups
J Gali, M Gertler… - Gaps, and the Welfare Costs of Business Fluctuations. …
[CITATION] The cyclical behavior of short-term business lending: Implications for financial propagation mechanisms
G Mark… - European Economic Review, 1993
[CITATION] Inside the Black Box: The Credit Channel of
B Bernanke… - 1995
The NBER Macroeconomics Annual presents pioneering work in macroeconomics by
leading academic researchers addressed to a broad audience of public policymakers as
well as to the academic community. Each paper is followed by comments and discussion ...
ML Gertler - Journal of Economic Dynamics and Control, 1981 - Elsevier
This paper considers the implications of imperfect information for monetary policy in a model
with rational expectations and long-term contracts. The source of.
Description/Abstract The study argues that inflation affects productivity and competitiveness
in three basic ways. First, the business environment becomes more uncertain as inflation
accelerates and, consequently, there tends to be less investment and innovation than ...
J Gali… - 2003 - nber.org
Among the central issues in macroeconomics is the nature of short-run inflation dynamics.
This matter is also one of the most fiercely debated, with few definitive answers available
after decades of investigation. At stake, among other things, is the nature of business ...
•(2b) Financial imbalances (that truly induce undue risk exposure) are not simply the product
of good times, but rather arise fundamentally due to an inadequate system of financial
market supervision and regulation. In this regard, the appropriate preemptive policy ...
[CITATION] Business fluctuations and the choice between internal and external finance
BS Bernanke… - American Economic Review, 1989
[CITATION] Money policy and asset volatility
B Benanke, M Gertler - 2000 - NBER paper
[CITATION] lFinancial Crises
M Gertler, N Kiyotaki… - Bank Risk Exposure and Government Financial …, 2011
[CITATION] Simon Girlchrist,(1998),“
B Bernanke… - The Financial Accelerator in a
[CITATION] The Financial Accelerator in a Quantitative
B Bernanke, M Gertler… - 1999
[CITATION] Inside the Black box: the credit channel of monetary transmission mechanism
B Ben… - Journal of Economic Perspectives, 1995
[CITATION] S., Thomas Laubach, Frederic S. Mishkin, and Adam S. Posen. 1999. Inflation targeting: Lessons from the international experience
B Bernanke, M Gertler… - Princeton, NJ: Princeton University …
[CITATION] Markups, gaps, and the welfare costs of economic fluctuations
J Galı, M Gertler… - 2005 - mimeo
[CITATION] A dynamic New Keynesian model of the business cycle with capital
M Gertler - 2002 - mimeo
[CITATION] Markups, Gaps and Economic Fluctuations
J Gali, M Gertler… - 2001 - Mimeo, Universitat Pompeu Fabra
[CITATION] Unemployment dynamics with staggered nash wage bargaining
M Gertler… - NBER Working Paper, 2006
[CITATION] 0How the Bundesbank Conducts Monetary Policy, 1 in Romer, Christina, and David Romer, eds., Reducing Inflation: Motivation and Strategy
R Clarida… - 1997 - Chicago University Press
[CITATION] Inside the black box: The credit channel of monetary
B Bernanke… - 1995
[CITATION] Overreaction of Asset Prices in General
SR Aiyagari, M Gertler - 1999
[CITATION] Monetary Policy, Business Cycles, and the Behavior of
M Gertler, S Gilchrist - 1994
[CITATION] Hump-output dynamics in a rational expectations framework: the role of investment delays
M Gertler, S Gilchrist - 2000 - mimeo
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