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Caring (less) for price stability may help prevent financial crises

March 30, 2022Financial Markets Monetary Policy No Comments
Tired or stressed businessman sitting on the walkway in panic digital stock market financial background

Frédéric Boissay, Fabrice Collard, Jordi Galí, and Cristina Manea study whether the central bank should deviate from its traditional price stability objective to promote financial soundness, using a New Keynesian model augmented with capital accumulation and allowing for microfounded endogenous financial crises.

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Can “Leaning Against the Wind” moderate asset price bubbles?

September 15, 2020Behavioral Economics Financial Markets No Comments

Jordi Galí, Giovanni Giusti and Charles N. Noussair conduct a laboratory experiment to study the effects of monetary policy on asset prices.

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Forward guidance and the exchange rate

October 24, 2018Monetary Policy No Comments

Jordi Galí finds that the impact of forward guidance on exchange rates poses a stiff challenge for existing theoretical models.

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Start the presses: reconsidering a money-financed fiscal stimulus

March 11, 2015Macroeconomics Monetary Policy No Comments

The idea of financing a fiscal stimulus with money creation has long been a taboo and disregarded as a policy option. But is this justified? Jordi Galí investigates the effects of a government engaging in just such a stimulus as compared with a debt-financed stimulus.

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