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NOTE : In the case of publications that are not open-access, downloading, copying or printing for, or on behalf of, any for-profit commercial firm or other commercial purpose should not be done without the explicit permission of the corresponding publisher., vol. 91 (2), 2001, 248-252 European Inflation Dynamics(with M. Monetary Policy Rules in Practice: Some International Evidence (with R. Gertler) European Economic Review, 42, 1998, 1033-1067 Unemployment in Dynamic General Equilibrium Economies European Economic Review, vol.

1 (1), 2009, 26-57 Optimal Monetary and Fiscal Policy in a Currency Union (with T. 40, 1996, 839-845 Multiple Equilibria in a Growth Model with Monopolistic Competition, Economic Theory, vol.

If we adjust for inflation using the PCE Price Index, the month-over-month change is a negative 0.01% and a mere 1.8% year-over-year.

The chart and table below illustrate the performance of the Big Four and simple average of the four since the end of the Great Recession.

(Erratum, September 2002) Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory (with R. 2 (1), 2000, 1-10 The Science of Monetary Policy: A New Keynesian Perspective (with R. Backus) in Sato, Ramachandran and Mino eds., Global Integration and Competition, Kluwer Academic Publishers, 1999 Technology, Employment, and the Business Cycle: Do Technology Schocks Explain Aggregate Fluctuations?

CXV, issue 1, 2000, 147-180 The Return of the Phillips Curve and Other Recent Developments in Business Cycle Theory, Spanish Economic Review, vol. 37 (4), 1999, 1661-1707 Inflation Dynamics: A Structural Econometric Analysis (with M. Fernández), Review of Economic Studies, vol.66 (229), 1999, 799-824 International Factors in the Recessions of the Early Nineties (with D.

We can see, however, that Employment and Personal Income were laggards in the declines.

Now let's examine the behavior of these indicators across time.

Monacelli) Journal of International Economics, vol. 76, 2008, 116-132 Learning, Macroeconomics Dynamics and the Term Structure of Interest Rates: A Comment, by Dewachter and Lyrio, in J. 212, 2001, 265-304 (an english version can be found as “A New Phillips Curve for Spain”, BIS Papers 3: Empirical studies of structural changes and inflation, Bank for International Settlements, Basel, 2001) Optimal Monetary Policy in Open vs. 8, 1996, 251-266 Fluctuaciones y Persistencia del Empleo en España, in R.

Campbell (ed.) , Proceedings of the 4th ECB Central Bank Conference, European Central Bank, Frankfurt, 2008, 182-189 Macroeconomic Modeling for Monetary Policy Evaluation (with M. 21 (4), 2007, 25-45 Understanding the Effects of Government Spending on Consumption (with J. Vallés), Journal of the European Economic Association, vol. Smets), Journal of the European Economic Association(Papers and Proceedings), vol. Targeting Inflation in an Economy with Staggered Price Setting, edited by Norman Loayza and Raimundo Soto, Central Bank of Chile, Santiago, Chile, 2002 Una Nueva Curva de Phillips para España (with J. Marimon (coord.), La Economía Española: una Visión Diferente, Antoni Bosch editor, 1996, 119-138 Product Diversity, Endogenous Markups, and Developments Traps, Journal of Monetary Economics, vol.

markets, Tournaments, and the Matching Problem with Borrowing Constraints (R.

63 (1), 1994, 73-96 Government Size and Macroeconomic Stability, European Economic Review, vol.38, 1994, 117-132 Keeping up with the Joneses: Consumption Externalities, Portfolio Choice and Asset Prices, Journal of Money, Credit, and Banking, vol. 26, 1990, 433-452 “Some Scattered Thoughts on DSGE Models,” in R. Respuesta a Luis Garicano, by Jordi Gali, El País, 14/09/2017 Els reptes de la política monetària a la zona euro, by Jordi Gali, a Nota de Conjuntura Econòmica nº 92, November 2016 Some Scattered Thoughts on DSGE Models by Jordi Gali, October 2016 Un Càlcul Aproximat de l’Impacte de la Política d’Inversió Pública Espanyola sobre el Capital Públic i el PIB Catalans, Acte Manifest del Far, Setembre 2015 (Apèndix) Per un Mercat de Treball més Eficient i Just: La Fi de la Dualitat, Cicle “Propostes per una Societat en Procès de Reconstrucció: un Anàlisi Social i Econòmica”, Institut d’Estudis Catalans Febrer 2015 Thinking the Unthinkable: The Effects of a Money-Financed Fiscal Stimulus, by Jordi Galí in Vox EU October 2014 Lliçó inaugural de la UOC 2014-2015, Lliçons que hem après de la crisi Setembre 2014 Cataluña: cooperación o confrontación El Pais 12/10/2013 Unión Monetaria y Competitividad de la Economía Española, en Advanced Macroeconomics III / Monetary Policy A Classical Monetary Model The Basic New Keynesian Model Monetary Policy Design in the Basic New Keynesian Model Monetary Policy Tradeoffs: Discretion vs.

The data points show the percent cumulative percent change from a zero starting point for June 2009. In addition to the four indicators, I've included an average of the four, which, as we can see, was influenced by the anomaly in the Personal Income data points, which reflect 2012 year-end income increases, at the expense of early 2013, as a tax management strategy.

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