Monetary Policy and Unemployment

Jordi Galí

NBER Working Paper No. 15871
Issued in April 2010
NBER Program(s):Economic Fluctuations and Growth, Monetary Economics

Much recent research has focused on the development and analysis of extensions of the New Keynesian framework that model labor market frictions and unemployment explicitly. The present paper describes some of the essential ingredients and properties of those models, and their implications for monetary policy.

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Acknowledgments

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Document Object Identifier (DOI): 10.3386/w15871

Published: “Monetary Policy and Unemployment,” in B. Friedman and M. Woodford ( eds.) Handbook of Monetary Economics , vol. 3A, Elsevier B.V., 2011, 487 - 546.

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