Introduction, p. 1-13
Richard H. Clarida, Jeffrey A. Frankel, Francesco Giavazzi and Kenneth D. West
Part I: Macroeconomic Flucatuations and Policy Response
1. The Source of Historical Economic Fluctuations: An Analysis using Long-Run Restrictions, p. 17-49
Neville Francis and Valerie A. Ramey
Comment: Harald Uhlig, p. 50-69
Comment: Susanto Basu, p. 70-73
2. Optimal Monetary and Fiscal Policy in a Liquidity Trap, p. 75-131
Gauti B. Eggertsson and Michael Woodford
Comment: Tor Einarsson, p. 132-135
Comment: Eric M. Leeper, p. 136-144
3. Rule-Based Monetary Policy under Central Bank Learning, p. 145-181
Kosuke Aoki and Kalin Nikolov
Comment: Fabio Canova, p. 182-189
Comment: V.V. Chari, p. 190-195
4. The Comovement of Returns and Investment within the Multinational Firm, p. 197-230
Mihir A. Desai and C. Fritz Foley
Comment: José Manuel Campa, p. 231-234
Comment: Evi Pappa, p. 235-237
Part II: Macroeconomic Policy in a Union of Diverse Economies
5. How Do Monetary and Fiscal Policy Interact in the European Monetary Union? p. 241-299
Matthew B. Canzoneri, Robert E. Cumby and Behzad T. Diba
Comment: Gauti B. Eggertsson, p. 300-316
Comment: Carlo A. Favero, p. 317-325
6. Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints, p. 327-361
Fabio Canova and Evi Pappa
Comment: Kenneth D. West, p. 362-365
Comment: Gylfi Zoega, p. 366-370
7. Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes? p. 371-400
Ozge Senay and Alan Sutherland
Comment: Gianluca Benigno, p. 401-406
Comment: Matthew B. Canzoneri, p. 407-411
8. Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands, p. 413-441
Rob Alessie, Agar Brugiavini and Guglielmo Weber
Comment: Mihir A. Desi, p. 442-445
Comment: Michael McMahon, p. 446-457
9. Is Poland the Next Spain? p. 459-523
Francesco Caselli and Silvana Tenreyro
Comment: Jeffrey A. Frankel, p. 524-531
Comment: Richard H. Clarida, p. 532-533