Jordi Gali
Books by Jordi Gali
“This is a book that I would suggest mostly for people starting a PhD. It’s very technical. It talks about monetary economics and inflation in a very technical way, but of the books of that kind it’s the easiest and gives you an overview of the vision of the so-called New Keynesian model. Jordi is an amazing writer. There is a lot of intuition, despite the use of a lot of maths. It helps you to understand, first of all, how inflation is created in a mathematical model but, most importantly, why we care about it. Jordi says that, in some sense, we care about inflation because of this feedback effect on output—employment and inflation are strictly linked together. A key element of the model economy in the book is price rigidity, firms do not immediately adjust prices. Now, if firms do not adjust prices, if they experience an increase or a decrease in the overall price level, then they need to adjust production in the short run. So if you have higher inflation, then you’re going to have some effect on the output through this mechanism. The book describes this mechanism, and then it describes the optimal monetary policy. The book discusses the connection between inflation and the real side of the economy, and why the central bank should care about inflation. Jordi also explains the conditions under which stabilizing inflation and stabilizing output and employment, in the short run, is exactly the same. This result is known as the ‘divine coincidence.'” Read more...
Federica Romei, Economist
Interviews where books by Jordi Gali were recommended
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1
Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and its Applications
by Jordi Gali -
2
A Monetary History of the United States, 1867-1960
by Anna Schwartz & Milton Friedman -
3
Inflation Targeting: Lessons from the International Experience
by Adam S. Posen, Ben Bernanke, Frederic S. Mishkin & Thomas Laubach -
4
A Monetary and Fiscal History of Latin America, 1960–2017
by Juan Pablo Nicolini & Timothy J. Kehoe -
5
The Conquest of American Inflation
by Thomas J. Sargent
The best books on Inflation, recommended by Federica Romei
The best books on Inflation, recommended by Federica Romei
Inflation has been under control in the developed world for decades now. Many assumed we had it beaten, but it has picked up recently and is once again a major policy concern. Here, Oxford economist Federica Romei chooses five books to help you understand inflation from a historical and theoretical perspective, and when, if and why you should worry about it.
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1
Macroeconomics
by Greg Mankiw -
2
Macroeconomics
by Stephen Williamson -
3
Advanced Macroeconomics
by David Romer -
4
Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and its Applications
by Jordi Gali -
5
Recursive Macroeconomic Theory
by Lars Ljungqvist & Thomas J. Sargent
The Best Macroeconomics Textbooks, recommended by Raffaele Rossi
The Best Macroeconomics Textbooks, recommended by Raffaele Rossi
In its study of the broader economy, macroeconomics is a vital tool for understanding the world around us, offering insights into issues that affect us all, like inflation and unemployment. Which textbooks to read to learn more about it? Here, Raffaele Rossi, Senior Lecturer at the University of Manchester, recommends his top macroeconomics textbooks, starting with entry-level books aimed at undergraduates all the way through to the tough tomes you’ll need to plough through if you’re doing a doctorate and want to work at the frontier of the discipline.
