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Jordi Galí

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Nationality
  

Alma mater
  
MIT (Ph.D. 1989)

Name
  
Jordi Gali

Jordi Galí wwwbarcelonagseeusitesdefaultfilesstylesbgs

Born
  
January 4, 1961 (age 63) (
1961-01-04
)

Institution
  
Universitat Pompeu Fabra (2001–)CREI (1999–)Barcelona Graduate School of Economics (2006–)New York University (1994–01)Columbia University (1989–94)

School or tradition
  
New Keynesian economics

Influences
  
Olivier BlanchardMark Gertler

Jordi gal crei upf and barcelona gse roundtable on financial crisis summer forum 2013


Jordi Galí (born January 4, 1961) is a Spanish macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today. He is currently the director of the Centre de Recerca en Economia Internacional (CREI, the Center for Research in International Economics) at Universitat Pompeu Fabra and a Research Professor at the Barcelona Graduate School of Economics. After obtaining his doctorate from MIT in 1989 under the supervision of Olivier Blanchard, he held faculty positions at Columbia University and New York University before moving to Barcelona.

Contents

Jordi Galí Jordi Gali 8th Most Cited Scientist in Economics amp Business News

22 may session 1 peter praet jordi gal robert j gordon


Research contributions

Jordi Galí Jordi Gal CREI UPF and Barcelona GSE Roundtable on financial

Galí's research centers on the causes of business cycles and on optimal monetary policy, especially through the lens of time series analysis. His studies with Richard Clarida and Mark Gertler suggest that monetary policy in many countries today resembles the Taylor rule, whereas the policy makers of the 1970s failed to follow the Taylor rule.

Jordi Galí galijpg

Another theme of Galí's research is how central banks should set interest rates. In some of the simplest New Keynesian macroeconomic models, stabilizing the inflation rate stabilizes the output gap too. If this property were roughly true in reality, it would permit central bankers to pursue a simplified Taylor rule focused only on inflation stabilization, with no need to consider output growth. Jordi Galí and Olivier Blanchard have called this property the 'divine coincidence', and have argued that in more realistic models which include additional frictions, it no longer holds. Instead, models with additional frictions (such as frictional unemployment) imply a tradeoff between stabilizing inflation and stabilizing the output gap.

Jordi Galí Academy of Europe Gal Jordi

Galí is perhaps best known for providing time series evidence that improvements in labour productivity cause employment to decrease. This finding contradicts the predictions of some well-known real business cycle models promoted by the New Classical macroeconomic school, but is (according to Galí) consistent with many New Keynesian models. However, the statistical methods ('structural vector autoregressions') on which this finding is based remain controversial.

Books

In 2008, Princeton University Press published Galí's monograph Monetary Policy, Inflation, and the Business Cycle. The book provides an introduction to New Keynesian DSGE models, and analyzes the implications of those models for monetary policy. It is written at a level intended for introductory graduate courses in macroeconomics.

Awards

In 2005, Galí received the Yrjö Jahnsson Award of the European Economic Association in recognition of his work on New Keynesian macroeconomics. He shared the prize with Timothy Besley of the London School of Economics. Thomson Reuters lists him among the 'citation laureates' who are likely future winners of the Nobel Prize in Economics.

References

Jordi Galí Wikipedia