Nber International Seminar on Macroeconomics 2004

by Clarida, Richard H.; Frankel, Jeffrey A.; Giavazzi, Francesco; West, Kenneth D.

• ISBN13: 9780262033602
• ISBN10: 0262033607
• Format: Hardcover
• Copyright: 2006-08-25
• Publisher: Mit Pr

Summary

The NBER International Seminar on Macroeconomicsbrings together leading American and European economists to discuss a broad range of current issues in global macroeconomics. An international companion to the more American-focused NBER Macroeconomics Annual,this particular volume offers cutting-edge research on monetary and fiscal policy responses to macroeconomic fluctuations, with special emphasis on tailoring a single monetary policy for the diverse economies that make up the European Monetary Union. The individual papers examine such topics as whether rule-based monetary policy should target price levels or inflation rates; how much cyclical correlation across countries can be attributed to transmission between multinational companies and their international affiliates; the different effects of monetary policy in high-debt and low-debt countries; and the prospects for the ten 2004 entrants to the European Union, based on the experiences of EU entrants of the 1980s.

Table of Contents

Abstracts	p. xiii
Introduction	p. 1
Macroeconomic Fluctuations and Policy Response
The Source of Historical Economic Fluctuations: An Analysis using Long-Run Restrictions	p. 17
Comments	p. 50
Optimal Monetary and Fiscal Policy in a Liquidity Trap	p. 75
Comments	p. 132
Rule-Based Monetary Policy under Central Bank Learning	p. 145
Comments	p. 182
The Comovement of Returns and Investment within the Multinational Firm	p. 197
Comments	p. 231
Macroeconomic Policy in a Union of Diverse Economies
How Do Monetary and Fiscal Policy Interact in the European Monetary Union?	p. 241
Comments	p. 300
Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints	p. 327
Comments	p. 362
Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?	p. 371
Comments	p. 401
Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands	p. 413
Comments	p. 442
Is Poland the Next Spain?	p. 459
Comments	p. 524
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