On November 27, CREI Director and Barcelona GSE Affiliated Professor Jordi Galí was awarded the VII Prize of the Catalan Society of Economics in recognition of his book "Monetary Policy, Inflation and the Business Cycle".
The prize is offered by the Catalan Society of Economics, an entity affiliated with the l’Institut d’Estudis Catalans, and is sponsored in part by Caixa Catalunya, one of the board member institutions of the Barcelona GSE. The ceremony took place at the Bank of Spain, and was presided over by Narcís Serra Serra (President of Caixa Catalunya and GSE Board Member), Pere Puig Bastard (President of the Catalan Society of Economics), and Joan Elias Boada (Secretary of the Prize).
CREI Director and UPF and GSE Professor Jordi Galí
A committee composed of economists is responsible for selecting the recipient. The 2008 committee was composed of Artur Saurí del Río (UB), Joan Maria Esteban (IAE and Barcelona GSE), Francesc Granell Trías (UB), Guillem López-Casasnovas (UPF and Barcelona GSE), Vicente Salas Fumás (University of Zaragoza), and the President of the Society and Secretary of the Prize.
In addition to his role as GSE Affiliated Professor, Prof. Galí is Director of the Centre for Research in International Economics (CREI) and Professor at the Universitat Pompeu Fabra (UPF), two of the founding academic bodies of the Barcelona GSE
The award was given in recognition of Prof. Galí’s book "Monetary Policy, Inflation and the Business Cycle", In it, he explores the New Keynesian framework and its applications to monetary policy, in particular its implications for inflation, economic fluctuations, and welfare.
Using a canonical version of the New Keynesian model as a reference framework, he explores issues pertaining to the design of monetary policy, including the determination of the optimal monetary policy and the desirability of simple policy rules. He analyzes several extensions of the baseline model, allowing for cost-push shocks, nominal wage rigidities, and open economy factors. In each case, the implications for monetary policy are addressed, with a special emphasis on the desirability of inflation targeting policies.
Two other Barcelona GSE Affiliated Professors have won the prize in the past: Guillem López-Casasnovas for his work “The Fiscal Balance of Catalonia with the Central Government” in 2000, and Joan M. Esteban for his work “Regional Growth and Convergence in Spain and Europe” in 1996.
"Monetary Policy, Inflation, and the Business Cycle" -- the work that the prize recognized