Jordi Galí
Ramon Trias Fargas, 25-27
Mercè Rodoreda building
08005-Barcelona
- Olga Adame
- oadame@crei.cat
- Phone: (+34) 93 542 1388
- Macroeconomic Theory and Monetary Economics
Working Papers
Publications
NOTE : In the case of publications that are not open-access, downloading, copying or printing for, or on behalf of, any for-profit commercial firm or other commercial purpose should not be done without the explicit permission of the corresponding publisher.
American Economic Journal: Macroeconomics, 16(4), 2024, 279–310
Journal of Monetary Economics, 142, 2024, article 103518
Journal of Money, Credit and Banking, 54(S1), 2022, 53-88
Journal of Economic Dynamics and Control, 130, 2021, 1-15
Journal of Economic Dynamics and Control, 132, 2021, 1-23
The Economic Journal, 131(633), 2021, 302-326
American Economic Journal: Macroeconomics, 13(2), 2021, 121-167
Journal of Money, Credit and Banking, 52(S2), 2020, 465-496
Oxford Bulletin of Economics and Statistics, 82(6), 2020, 1239-1261
NBER Macroeconomics Annual 2019, 34, 2020, 141-170
2020, 149-172
in G. Castex, J. Gali and D. Saravia (eds.) Changing Inflation Dynamics, Evolving Monetary Policy, Central Bank of Chile
Brookings Papers on Economic Activity, Fall, 2020, 173-230
VOX CEPR, 1/10/2019
Journal of Monetary Economics, 115, 2020, 1-19
Journal of Economic Perspectives, 32 (3), 2018, 87-112
American Economic Review, 106 (12), 2016, 3829-3868
American Economic Journal: Macroeconomics, 7 (1), 2015, 233-257
Hysteresis and the European Unemployment Problem Revisited in Inflation and Unemployment in Europe, Proceedings of the ECB Forum on Central Banking, European Central Bank, Frankfurt am Main, 2015, 53-79
Monetary Policy and Rational Asset Price Bubbles, American Economic Review, 104(3), 2014, 721-752
Patterns of Convergence and Divergence in the Euro Area (with A. Estrada and D. López-Salido), IMF Economic Review, vol. 61(4), 2013, 601-630
Perceptions and Misperceptions of Fiscal Inflation: A Comment, in A. Alesina and F. Giavazzi eds. Fiscal Policy after the Financial Crisis, The University Chicago Press, 2013, 299-305
Notes for a New Guide to Keynes (I): Wages, Aggregate Demand, and Employment, Journal of the European Economic Association, vol. 11(5) 973-1003, 2013
The Monetary Pillar and the Great Financial Crisis, The Great Financial Crisis: Lessons for Financial Stability and Monetary Policy, European Central Bank, 2012, 74-95
Slow Recoveries: A Structural Interpretation (with F. Smets and R. Wouters), Journal of Money, Credit and Banking, 44 (2), 2012, 9-30
Fiscal Policy and Macroeconomic Performance: an Overview, (with L.F. Céspedes), in L.F. Céspedes and J. Galí (eds.), Fiscal Policy and Macroeconomic Performance, Central Bank of Chile (Santiago, Chile), 2012, 1-21
Non-Ricardian Aspects of Fiscal Policy in Chile (with L.F. Céspedes and J. Fornero), in L.F. Céspedes and J. Galí (eds.), Fiscal Policy and Economic Performance, Central Bank of Chile (Santiago, Chile), 2012, 293-332
Unemployment in an Estimated New Keynesian Model (with F. Smets and R. Wouters), NBER Macroeconomics Annual 2011, University of Chicago Press, 329-360
Are Central Banks’ Projections Meaningful?
Journal of Monetary Economics, 58 (6-8), 2011, 537-550
The Return of the Wage Phillips Curve
Journal of the European Economic Association, 9 (3), 2011, 436-461
Monetary Policy and Unemployment
in B. Friedman and M. Woodfords (eds.) Handbook of Monetary Economics, vol. 3A, Elsevier B.V., 2011, 487-546
Inflation Pressures and Monetary Policy in a Global Economy
International Journal of Central Banking, 6 (1), 2010, 93-102
Labor Markets and Monetary Policy: A New Keynesian Model with Unemployment (with O. Blanchard)
American Economic Journal: Macroeconomics, vol 2 (2), 2010, 1-30
The New-Keynesian Approach to Monetary Policy Analysis: Lessons and New Directions
in V. Wieland (ed.), The Science and Practice of Monetary Policy Today, Springer, 2009, 9-22
The Macroeconomic Effects of Oil Price Shocks: Why are the 2000s so different from the 1970s? (with O. Blanchard) in J. Galí and M. Gertler (eds.), International Dimensions of Monetary Policy, University of Chicago Press (Chicago, IL), 2009, 373-428
Constant Interest Rate Projections without the Curse of Indeterminacy: A Note
International Journal of Economic Theory, vol. 5, 2009, 61-68
On the Sources of the Great Moderation (with L. Gambetti)
American Economic Journal: Macroeconomics, vol. 1 (1), 2009, 26-57
Optimal Monetary and Fiscal Policy in a Currency Union (with T. Monacelli)
Journal of International Economics, vol. 76, 2008, 116-132
Learning, Macroeconomics Dynamics and the Term Structure of Interest Rates: A Comment, by Dewachter and Lyrio, in J. Campbell (ed.) Asset Prices and Monetary Policy, University of Chicago Press, 2008, 238-244
Money and Monetary Policy: the ECB Experience 1999-2006: A Comment, by Fisher, Lenza Pill and Reichlin, in A. Beyer and L. Reichlin (eds.) The Role of Money: Money and Monetary Policy in the 21st Century, Proceedings of the 4th ECB Central Bank Conference, European Central Bank, Frankfurt, 2008, 182-189
Macroeconomic Modeling for Monetary Policy Evaluation (with M. Gertler),
Journal of Economic Perspectives, vol. 21 (4), 2007, 25-45
Understanding the Effects of Government Spending on Consumption (with J. David López-Salido and J. Vallés), Journal of the European Economic Association, vol. 5 (1), 2007, 227-270
Real Wage Rigidities and the New Keynesian Model (with O. Blanchard)
Journal of Money, Credit, and Banking, supplement to vol. 39 (1), 2007, 35-66
Markups, Gaps, and the Welfare Costs of Economic Fluctuations (with M. Gertler and J. D. López-Salido), Review of Economics and Statistics, February, vol. 89 (1), 2007, 44-59
New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling (with I. Angeloni, L. Aucremanne, M. Ehrmann, A. Levin, F. Smets), Journal of the European Economic Association(Papers and Proceedings), vol. 4 (2-3), 2006, 562-574
Fluctuating Macro Policies and the Fiscal Theory of the Price Level: Comment, by Davig and Leeper, NBER Macroeconomics Annual 2006, MIT Press, Cambridge MA, 299-305
Modern Perspectives on Fiscal Stabilization Policies, CESifo Economic Studies, Vol. 51, 4/2005, 587-599
Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve,with Mark Gertler and J. David López-Salido, Journal of Monetary Economics 52, 2005, 1107-1118.
Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle, Federal Reserve Bank of St. Louis Review, July/August 87(4), 2005, 459-86.
Monetary Policy and Exchange Rate Volatility in a Small Open Economy (with T. Monacelli) in Review of Economic Studies 72, 2005, 707-734. “This is an electronic version of an article published in the Review of Economic Studies : complete citation information for the final version of the paper, as published in the print edition of the Review of Economic Studies, is available on the Blackwell Synergy online delivery service, accessible via the journal’s website at https://www.blackwell-synergy.com.”
Technology Shocks and Aggregate Fluctuations: How Well Does the RBC Model Fit Postwar U.S. Data?, (with Pau Rabanal) in NBER Macroeconomics Annual, 2004, 225-288
On the Role of Technology Shock as a Source of Business Cycles: Some New Evidence, Journal of the European Economic Association, vol. 2, issue 2-3 (Papers and Proceedings), 2004, 372-380
Rule of Thumb Consumers and the Design of Interest Rate Rules, (with J.D. López-Salido and Javier Vallés), Journal of Money, Credit, and Banking, vol. 36 (4), 2004, 739-764.
Fiscal Policy and Monetary Integration in Europe, (with Roberto Perotti), Economic Policy, vol. 37, 2003, 533-572
Technology Shocks and Monetary Policy: Assessing the Fed’s Performance, (with D. López Salido and J. Vallés) Journal of Monetary Economics, vol 50, 2003, 723-743
New Perspectives on Monetary Policy, Inflation, and the Business Cycle, in Advances in Economic Theory, edited by: M. Dewatripont, L. Hansen, and S. Turnovsky, vol. III, 2003, 151-197, Cambridge University Press.
Monetary Policy in the Early Years of EMU in EMU and Economic Policy in Europe: the Challenges of the Early Years, edited by M. Buti and A. Sapir, Edward Elgar, 2003.
A Simple Framework for International Monetary Policy Analysis (with R. Clarida and M. Gertler) Journal of Monetary Economics, vol. 49 (5), 2002, 879-904
The Conduct of Monetary Policy in the Face of Technological Change Theory and Postwar U.S. Evidence, in Stabilization and Monetary Policy: the International Experience, Banco de México, México D.F., 2002.
Targeting Inflation in an Economy with Staggered Price Setting, edited by Norman Loayza and Raimundo Soto, Central Bank of Chile, Santiago, Chile, 2002
Una Nueva Curva de Phillips para España (with J.D. López-Salido), Moneda y Crédito, vol. 212, 2001, 265-304 (an english version can be found as “A New Phillips Curve for Spain”, BIS Papers 3: Empirical studies of structural changes and inflation, Bank for International Settlements, Basel, 2001)
Optimal Monetary Policy in Open vs. Closed Economies: An Integrated Approach (with R. Clarida and M. Gertler) American Economic Review, vol. 91 (2), 2001, 248-252
European Inflation Dynamics(with M. Gertler and D. López-Salido) European Economic Review, vol. 45 (7), 2001, 1237-1270. (Erratum, September 2002)
Monetary Policy Rules and Macroeconomic Stability Evidence and Some Theory (with R. Clarida and M. Gertler) Quarterly Journal of Economics, vol. CXV, issue 1, 2000, 147-180
The Return of the Phillips Curve and Other Recent Developments in Business Cycle Theory, Spanish Economic Review, vol. 2 (1), 2000, 1-10
The Science of Monetary Policy: A New Keynesian Perspective (with R. Clarida and M. Gertler) Journal of Economic Literature, vol. 37 (4), 1999, 1661-1707
Inflation Dynamics: A Structural Econometric Analysis (with M. Gertler) Journal of Monetary Economics, vol. 44 (2), 1999, 195-222
To Each According To…? markets, Tournaments, and the Matching Problem with Borrowing Constraints (R. Fernández), Review of Economic Studies, vol.66 (229), 1999, 799-824
International Factors in the Recessions of the Early Nineties (with D. Backus) in Sato, Ramachandran and Mino eds., Global Integration and Competition, Kluwer Academic Publishers, 1999
Technology, Employment, and the Business Cycle Do Technology Schocks Explain Aggregate Fluctuations American Economic Review, March 1999, 249-271 (Appendix to “Technology, Employment, and the Business Cycle: Do Technology Schocks Explain Aggregate Fluctuations?
Monetary Policy Rules in Practice Some International Evidence (with R. Clarida and M. Gertler) European Economic Review, 42, 1998, 1033-1067
Unemployment in Dynamic General Equilibrium Economies, European Economic Review, vol. 40, 1996, 839-845
Multiple Equilibria in a Growth Model with Monopolistic Competition, Economic Theory, vol. 8, 1996, 251-266
Fluctuaciones y Persistencia del Empleo en España, in R. Marimon (coord.), La Economía Española: una Visión Diferente, Antoni Bosch editor, 1996, 119-138
Product Diversity, Endogenous Markups, and Developments Traps, Journal of Monetary Economics, vol. 36 (1), 1995, 39-64
On growth and Indeterminacy some Theory and Evidence (with Jess Benhabib) Carnegie-Rochester Conference Series on Public Policy, 43, 1995, 163-211
Expectations-driven spatial fluctuations , Regional Science and Urban Economics, vol. 25, 1995, 1-19
Endogenous Growth and Poverty Traps in a Cournotian Model, (with F. Zilibotti), Annales d’Economie et de Statistique, vol. 37/38, 1995, 197-214
Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?, (with R. Clarida), Carnegie Rochester Conference Series on Public Policy, vol. 41, 1994, 1-56
Local Externalities, Convex Adjustment Costs, and Sunspot Equilibria, Journal of Economic Theory, vol. 64 (1), 1994, 242-252
Monopolistic Competition, Endogenous Markups and Growth, European Economic Review (Papers and Proceedings), vol. 38, 1994, 748-756
Monopolistic Competition, Business Cycles, and the Composition of Aggregate Demand, Journal of Economic Theory, vol. 63 (1), 1994, 73-96
Keeping up with the Joneses: Consumption Externalities, Portfolio Choice and Asset Prices,, European Economic Review, vol.38, 1994, 117-132
Keeping up with the Joneses: Consumption Externalities, Portfolio Choice and Asset Prices,, Journal of Money, Credit, and Banking, vol. 26 (1), 1994, 1-8
Variability of Durable and Nondurable Consumption: Evidence for Six OECD Countries, Review of Economics and Statistics, vol. 75, 1993, 418-428
How Well Does the IS-LM Model Fit Postwar U.S. Data. The Quarterly Journal of Economics, vol. 107 (2), 709-738, 1992. Appendix
Budget Constraints and Time Series Evidence on Consumption, American Economic Review, vol. 81 (5), 1991, 1238-1253
Finite Horizons, Life Cycle Savings, and Time Series Evidence on Consumption, Journal of Monetary Economics, vol. 26, 1990, 433-452
Books
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Changing Inflation Dynamics, Evolving Monetary Policy by Castex G., J. Gali and D. Saravia (with G. Castex and D. Saravia (eds.))
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Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework by Jordi Gali published by Princeton University Press
Slides for : |
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Fiscal Policy and Macroeconomic performance Edited by L.F. céspedes and Jordi Gali published by Banco Central de Chile |
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Unemployment Fluctuations and Stabilization Policies by Jordi Gali published by The MIT Press |
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International Dimensions of Monetary Policy by Jordi Gali and Mark Gertler (Eds.) published by The University of Chicago Press |
Short Bio and Picture
Jordi Galí earned his PhD in Economics at the Massachusetts Institute of Technology (MIT) in 1989. Currently he is a Senior Researcher at the Center for Research in International Economics (CREi), a Professor at Universitat Pompeu Fabra (UPF) and a Research Professor at the Barcelona School of Economics (BSE). He was the Director of CREi between 2001 and 2017. He has held academic positions at New York University and Columbia University. He has been a Visiting Professor at MIT. He is a Research Fellow at the CEPR, a Research Associate at the NBER, and a Fellow of the Econometric Society. He has served as a co-editor of the Journal of the European Economic Association and co-director of the CEPR International Macroeconomics Programme. In 2012 he served as President of the European Economic Association. Among other awards, Galí has received the National Research Prize from the Government of Catalonia and was co-recipient of the Yrjö Jahnsson Award. He has been a consultant to the ECB, Federal Reserve, Sveriges Riksbank, Norges Bank, Banque de France, and other central banks. His research interests include macroeconomics and monetary theory, and has published articles on these topics in numerous scientific journals
Selected Publications:
- Monetary Policy, Inflation and the Business Cycle: An Introduction to the New Keynesian Framework, Second edition, Princeton University Press, (Princeton, NJ), 2015.
- “Understanding the Gains from Wage Flexibility: The Exchange Rate Connection,” (with T. Monacelli), American Economic Review 106(12), 3829-3868, 2016.
- “Monetary Policy and Rational Asset Price Bubbles,” American Economic Review, 104(3), 721-752, 2014
- “Labor Market Frictions and Monetary Policy: A New Keynesian Model with Unemployment,” (with O. Blanchard), American Economic Journal: Macroeconomics, 2010, 2(2), 1-30.
- “Technology, Employment, and the Business Cycle: Do Technology Shocks Explain Aggregate Fluctuations?,” American Economic Review, March 1999.
- “Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory”, (with R. Clarida and M. Gertler), Quarterly Journal of Economics, January 2000.
- “The Science of Monetary Policy: A New Keynesian Perspective,” Journal of Economic Literature, December 1999.
Other Writings
Dir la (crua) realitat. October 2024
A research program on monetary policy for Europe, (with C. Altavilla, M. Bussière, Y. Gorodnichenko, R. Gürkaynak and H. Rey), Journal of Monetary Economics, 147, 1-5.
Qui (no) paga l’Impost sobre el Patrimoni a Catalunya?. Revista Econòmica de Catalunya (89), 121-132, April 2024. (Versión en castellano)
Media: Mon Econimia, El Pais, Ara, Nada es gratis
En Maurici i l’Hilari_ una història d’impostos a Catalunya. March 2024
Discussion of Loranzoni and Werning’s “Wage-Price Spirals Brookings Papers on Economic Activity. November 2023
Discussion of Annette-Vissing Jorgensen’s “Balance Sheet Policy Above the ELB”. July 2023
5centims.cat-La mà invisible i el turisme de masses, September 2022
Remarks at the ECB and its Watchers XXI Conference, September 2020
“Panel remark at the Jackson Hole Economic Policy Symposium”, August 2020
“Helicopter money: The time is now” by J. Galí, VOX CEPR Policy Portal, 17/03/20
“To adjust or not to adjust: the optimal inflation target in the face of a lower r-star” by P. Andrade, J.Galí, H. le Bihan, J. Matheron, VOX CEPR Policy Portal, 1/10/19
“Some Scattered Thoughts on DSGE Models,” in R.S. Gürkaynak and C. Tille (eds.), DSGE Models in the Conduct of Policy; Use as Intended,” CEPR Press, 2017 (Versió en català: Reflexions disperses sobre els models DSGE, Revista Econòmica de Catalunya, 75, 2017, 67-70)
La independència per fer què? Respuesta a Luis Garicano, by Jordi Galí, El País, 14/09/2017
Els reptes de la política monetària a la zona euro, by Jordi Galí, a Nota de Conjuntura Econòmica nº 92, November 2016
A Note on Martin Hellwig’s “The Gali-Monacelli Model of a Small Open Economy has no International Trade by Jordi Galí and Tommaso Monacelli, November 2015
Un Càlcul Aproximat de l’Impacte de la Política d’Inversió Pública Espanyola sobre el Capital Públic i el PIB Catalans, Acte Manifest del Far, Setembre 2015 (Apèndix)
Per un Mercat de Treball més Eficient i Just: La Fi de la Dualitat, Cicle “Propostes per una Societat en Procès de Reconstrucció: un Anàlisi Social i Econòmica”, Institut d’Estudis Catalans. Febrer 2015
Thinking the Unthinkable: The Effects of a Money-Financed Fiscal Stimulus, by Jordi Galí in VoxEU. October 2014
Lliçó inaugural de la UOC 2014-2015, Lliçons que hem après de la crisi. Setembre 2014
Cataluña: cooperación o confrontación. El Pais 12/10/2013
Interview with Simon Bowmaker (2012)
Unión Monetaria y Competitividad de la Economía Española, en Conferencia en Memoria de Luis Ángel Rojo, Banco de España, 2012
Research at the Bank of Spain: An Evaluation, (with R. Caballero, L. Reichlin and L. Servén), Banco de España, 2012
Algunes Reflexions sobre la Gran Crisi, en Temps de Crisi: Ruptures i Perspectives, Universitat d’Estiu d’Andorra, 2012
La independència, per fer què? La Vanguardia 15/10/2012
Notes on the Euro Debt Crisis. June 2010
The Quest for Financial and Economic Stability, en Catalan International View, 5, 2009, 40-45
Discussion of Laurence Ball’s “Hysteresis in Unemployment”. January 2009
“Macroeconomia EUA als anys 80” (with X. Sala-i-Martin), Revista Econòmica de Catalunya, no. 7, 1988, 39-73.
Class Materials
Advanced Macroeconomics II (Undergraduate)
Advanced Macroeconomics III (Barcelona School of Economics)
Other Links
Centre for Economic Policy Research
https://www.cepr.org
Macroeconomics Policy Design for Monetary Unions, Research Training Network
https://www.cepr.org/research/networks/mapmu
Euro Area Business Cycle Dating Committee of the Centre for Economic Policy Research
https://www.cepr.org/data/dating/
National Bureau of Economic Research
https://www.nber.org
Universitat Pompeu Fabra, Department of Economics
https://www.econ.upf.es
Kiel Institute of World Economics
https://www.uni-kiel.de/ifw
European Central Bank
https://www.ecb.int
Banco de España
https://www.bde.es/
European Economic Association
https://www.eeassoc.org/
Journal of the European Economic Associatioin
