Jordi Galí
| Jordi Galí | |
|---|---|
| Born |
January 4, 1961 Barcelona, Spain |
| Nationality | Spain |
| Institution |
Universitat Pompeu Fabra (2001–) CREI (1999–) Barcelona Graduate School of Economics (2006–) New York University (1994–01) Columbia University (1989–94) |
| Field | Macroeconomics |
| School or tradition |
New Keynesian economics |
| Alma mater | MIT (Ph.D. 1989) |
| Doctoral advisor |
Olivier Blanchard |
| Influences | Mark Gertler |
| Awards | Yrjö Jahnsson Award (2005) |
| Information at IDEAS / RePEc | |
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.
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.
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.
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