Jordi GalÃ
Jordi Galí ( born January 4, 1961 in Barcelona, Spain ) is a Spanish economist who is regarded as one of the main representatives of the New Keynesian economics.
Galí is the boss of the "Centre de Recerca en Economia Internacional " ( CREI, the Research Center for International Economics ) at the University Pompeu Fabra in Barcelona. After receiving his doctorate from the Massachusetts Institute of Technology in 1989, under the supervision of Olivier Blanchard, he held a position at Columbia University and New York University before moving to Barcelona.
Galis research topics deal with the causes of business cycles and the optimal monetary policy, especially through the method of time series analysis. His studies with Richard Clarida and Mark Gertler argue that monetary policy in many countries today, with the principle of Taylor rule, whereas decision makers in the 1970s, the Taylor rule is not followed.
Another focus of Galis research deals with the debate on the setting of interest rates. In some of the simplest New Keynesian models, the stabilization of the inflation rate also leads to the consolidation of the output gap to fluctuations. If this approach corresponds only approximately to the reality, this would allow the central bank to follow the simplified Taylor rule, only pay attention to the stabilization of the inflation rate without taking into account the output growth. Jordi Galí and Olivier Blanchard have called this approach the " divine intervention " and argued that realisitischere models that include additional frictions (eg frictional unemployment ) with which imply a trade-off between stabilizing inflation and the output gap.
Galí is most known for empirical evidence that improvements in labor productivity lead to a short-term decline in employment, which is contrary to the predictions of well-known real -business -cycle theory models of neoclassical macroeconomic school, but after Galí consistent with many neo-Keynesian models is. However, the statistical methods ( structural vectorautoregressive ) on which these findings are based remain controversial.