资源描述：
《Jordi Gali Monetary Policy Inflation And The Business Cycle》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、MonetaryPolicy,In‡ation,andtheBusinessCycleChapter1IntroductionJordiGalíCREIandUPFAugust2007Thepresentmonographseekstoprovidethereaderwithanoverviewofmodernmonetarytheory.Overthepastdecade,monetaryeconomicshasbeenamongthemostfruitfulresearchareaswithinmacroeconomics.Th
2、ee¤ortsofmanyresearcherstounderstandtherelationshipbetweenmone-tarypolicy,in‡ationandthebusinesscyclehasledtothedevelopmentofaframework–thesocalledNewKeynesianmodel–thatiswidelyusedformonetarypolicyanalysis.Thefollowingchapterso¤eranintroductiontothatbasicframeworkanda
3、discussionofitspolicyimplications.Theneedforaframeworkthatcanhelpusunderstandthelinksbetweenmonetarypolicyandtheaggregateperformanceofaneconomyseemsself-evident.Ontheonehand,andwhetherintheirconditionasconsumers,workersorinvestors,citizensofmodernsocietieshavegoodreaso
4、ntocareaboutdevelopmentsinin‡ation,employment,andothereconomy-widevari-ables,forthosedevelopmentsa¤ecttoanimportantdegreepeople’soppor-tunitiestomaintainorimprovetheirstandardofliving.Ontheotherhand,monetarypolicy,asconductedbycentralbanks,hasanimportantroleinshapingth
5、osemacroeconomicdevelopments,bothatthenationalandsupra-nationallevels.Changesininterestrateshaveadirecte¤ectonthevaluationof…nancialassetsandtheirexpectedreturns,aswellasontheconsumptionandinvestmentdecisionsofhouseholdsand…rms.Thosedecisionscaninturnhaveconsequencesfo
6、rGDPgrowth,employmentandin‡ation.ItisthusnotsurprisingthattheinterestratedecisionsmadebytheFed,theECB,orotherprominentcentralbanksaroundtheworldaregivensomuchattention,notonlybymarketanalystsandthe…nancialpress,butalsobythegeneralpublic.Itwouldthusseemimportanttounders
7、tandhowthoseinterestratedecisionsendupa¤ectingthevariousmeasuresofaneconomy’sperformance,bothnominalandreal.Akeygoalofmonetarytheoryistoprovideuswithanaccountofthemechanismsthroughwhichthosee¤ectsarise,i.e.thetransmissionmechanismofmonetarypolicy.Centralbanksdonotchang
8、einterestratesinanarbitraryorwhimsicalmanner.Theirdecisionsaremeanttobepurposeful,i.e.theyseektoattaincertainobjectiv
