NBER International seminar on macroeconomics 2004 / Richard H. Clarida, Jeffrey A. Frankel, Francesco Giavazzi, and Kenneth D. West, editors.

Format:

Book

Contributor:

Clarida, Richard H.

Frankel, Jeffrey A.

Giavazzi, Francesco.

West, Kenneth D. (Kenneth David)

Language:

English

Subjects (All):

Macroeconomics.

Monetary policy.

Physical Description:

1 online resource (551 p.)

Edition:

1st ed.

Other Title:

National Bureau of Economic Research International seminar on macroeconomics

International seminar on macroeconomics

Place of Publication:

Cambridge, MA : MIT Press, 2006.

Language Note:

English

Summary:

The NBER International Seminar on Macroeconomics brings 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.

Contents:

Abstracts; Introduction; 1 The Source of Historical Economic Fluctuations: An Analysis using Long-Run Restrictions ; Comment Harald Uhlig, Humboldt Universität zu Berlin, Tilburg University, Bundesbank, and CEPR; 2 Optimal Monetary and Fiscal Policy in a Liquidity Trap; Comment Tor Einarsson, University of Iceland; 3 Rule-Based Monetary Policy under Central Bank Learning; Comment Fabio Canova, ICREA-Universitat Pompeu Fabra, CREI, AMeN, and CEPR; 4 The Comovement of Returns and Investment within the Multinational Firm; Comment José Manuel Campa, IESE Business School

5 How Do Monetary and Fiscal Policy Interact in the European Monetary Union?Comment Gauti B. Eggertsson, Federal Reserve Bank of New York; 6 Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints; Comment Kenneth D. West, University of Wisconsin and NBER; 7 Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?; Comment Gianluca Benigno, London School of Economics, CEP, and CEPR; 8 Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands

Comment Mihir A. Desai, Harvard University and NBER 9 Is Poland the Next Spain?; Comment Jeffrey A. Frankel, Harvard University and NBER

Notes:

Description based upon print version of record.

ISBN:

0-262-30967-X

0-262-27041-2

1-4294-2103-7

OCLC:

79477459