NBER Macroeconomics Annual 2005

by Gertler, Mark; Rogoff, Kenneth

• ISBN13: 9780262572347
• ISBN10: 0262572346
• Format: Paperback
• Copyright: 2006-04-01
• Publisher: Mit Pr

Summary

This 20th edition of the NBER Macroeconomics Annualtreats many questions at the cutting edge of macroeconomics that are central to current policy debates. The papers and discussions include an analysis of the differential between American and European unemployment rates, with the authors of the paper taking issue with Edward Prescott's view that higher European tax rates are responsible; a provocative account of the relationship between fluctuations in the hiring rate of new workers and the U.S. unemployment rate; an analysis of the 20-year decline in aggregate volatility (and the rise in firm volatility); a model that compares the effectiveness of monetary policy that targets inflation rates to one that targets simple wage inflation; a roadmap to using Bayesian approaches in solving empirical puzzles; and a microeconomic model that shows the desirability of maintaining a stable inflation rate even in isolated situations that would seem to call for a more flexible policy toward inflation.

Table of Contents

Editorial	xi
Mark Gertler
Kenneth Rogoff
Abstracts	xv
Work and Leisure in the United States and Europe: Why So Different?	1	(100)
Alberto Alesina
Edward Glaeser
Bruce Sacerdote
Comments	65	(32)
Lars Ljungqvist
Richard Rogerson
Discussion	97	(4)
Job Loss, Job Finding, and Unemployment in the U.S. Economy over the Past Fifty Years	101	(66)
Robert E. Hall
Comments	139	(26)
Steven J. Davis
John Kennan
Discussion	165	(2)
The Rise in Firm-Level Volatility: Causes and Consequences	167	(62)
Diego Comin
Thomas Philippon
Comments	203	(24)
Daron Acemoglu
Janice Eberly
Discussion	227	(2)
Monetary Policy Under Uncertainty in Micro-Founded Macroeconometric Models	229	(84)
Andrew T. Levin
Alexei Onatski
John C. Williams
Noah Williams
Comments	289	(20)
Giorgio E. Primiceri
Carl E. Walsh
Discussion	309	(4)
A Bayesian Look at New Open Economy Macroeconomics	313	(70)
Thomas Lubik
Frank Schorfheide
Comments	367	(14)
Paolo Pesenti
Christopher A. Sims
Discussion	381	(2)
Optimal Fiscal and Monetary Policy in a Medium-Scale Macroeconomic Model	383
Stephanie Schmitt-Grohe
Martin Uribe
Comments	427	(30)
Jesus Fernandez-Villaverde
Michael Woodford
Discussion	457