NBER International Seminar on Macroeconomics 2005

NBER International Seminar on Macroeconomics 2005
Jeffrey A. Frankel and Christopher A. Pissarides, editors

Some chapters may have appeared as NBER Working Papers, which are preliminary versions of the published papers.

Table of Contents:

Introduction, p. 1-7
Jeffrey A. Frankel and Christopher A. Pissarides

Part I: Macroeconomic Policy and Labor Markets

1. Macroeconomic Derivatives: An Initial Analysis of Market-Based Macro Forecasts, Uncertainty, and Risk, p. 11-50
Refet S. Gürkaynak and Justin Wolfers


Comment: Christopher D. Carroll, p. 51-59
Comment: Adam Szeidl, p. 60-64

2. The Roots of Low European Employment: Family Culture? p. 65-109
Yann Algan and Pierre Cahuc


Comment: Tito Boeri, p. 110-114
Comment: Alessandra Fogli, p. 115-123

3. Shadow Sorting, p. 125-163
Tito Boeri and Pietro Garibaldi


Comment: Robert E. Hall, p. 164-166
Comment: Christopher A. Pissarides, p. 167-170

4. Globalization and Equilibrium Inflation-Output Tradeoffs, p. 171-192
Assaf Razin and Prakash Loungani


Comment: Robert G. King, p. 193-199
Comment: Kenneth D. West, p. 200-203

Part II: Implications of an Expanding Monetary Union

5. Fiscal Externalities and Optimal Taxation in an Economic Community p. 207-250
Marianne Baxter and Robert G. King


Comment: Pierpaolo Benigno, p. 251-257
Comment: Francesco Giavazzi, p. 258-259

6. Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic, p. 261-298
Zsolt Darvas, Andrew K. Rose and György Szapáry


Comment: Roberto Rigobon, p. 299-304
Comment: Lucrezia Reichlin, p. 305-313

7. Dual Inflation and the Real Exchange Rate in New Open Economy Macroeconomics p. 315-349
Balázs Világi


Comment: Richard H. Clarida, p. 350-351
Comment: Refet S. Gürkaynak, p. 352-355

8. Trade Invoicing in the Accession Countries: Are They Suited to the Euro? p. 357-393
Linda S. Goldberg


Comment: Charles Engel, p. 394-398
Comment: Richard Portes, p. 399-402