MONETARY POLICY, INFLATION AND THE BUSINESS CYCLE

By Antti Ripatti. 2010

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Learning and Macroeconomics (2009, background): “The simplest version of the NK model takes the form xt = −ϕ(it − E∗t πt+1) +E∗t xt+1 + gt, (24) πt = λxt + βE ∗ t πt+1 + ut. (25) 8See Clarida, Gali, and Gertler (1999) for a survey article and the books Woodford (2003), Walsh (2003), and Galí (2008).”
Understanding Inflation as a Joint Monetary-Fiscal Phenomenon (2016, methodology): “Closely related is Geweke’s (2010) argument that models are inherently incomplete in the sense that they lack “some aspect of a joint distribution over all parameters, latent variables, and models under consideration [p. 3].” For example, central bank money-only models that follow Smets and Wouters ”
The Macroeconomics of Trend Inflation (2014, background): “…literature, the NKPC is usually expressed in terms of an output gap, ̃ Y t , defined as the log-deviation of current output from the output that would arise in a flexible-price environment, namely the natural level of output Y t n (Woodford 2003 and Galí 2008): ̃ Y t = log Y t − log Y t n .”