NBER International Seminar on Macroeconomics 2005

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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, the 2005 volume first explores macroeconomic issues of interest to all advanced economies, then analyzes topical questions concerning the eastward expansion of the European Monetary Union.Jeffrey A. Frankel is James W.
Harpel Professor of Capital Formation and Economic Growth at Harvard University's
John F. Kennedy School of Government. Christopher A. Pissarides is Professor of
Economics at the London School of Economics. Both are Research Associates at the
National Bureau of Economic Research.

The MIT Press

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Product Details

Meet the Author

Jeffrey A. Frankel is James W. Harpel Professor of Capital Formation and Economic
Growth at Harvard University's John F. Kennedy School of Government and a Research
Associate at the National Bureau of Economic Research.

Christopher A. Pissarides is Professor of Economics at the London School of
Economics and a Research Associate at the National Bureau of Economic Research. He received the 2010 Nobel Prize in Economics.

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Table of Contents

Abstracts     xiii
Introduction   Jeffrey A. Frankel   Christopher A. Pissarides     1
Macroeconomic Policy and Labor Markets
Macroeconomic Derivatives: An Initial Analysis of Market-Based Macro Forecasts, Uncertainty, and Risk   Refet S. Gurkaynak   Justin Wolfers     11
Comments   Christopher D. Carroll   Adam Szeidl     51
The Roots of Low European Employment: Family Culture?   Yann Algan   Pierre Cahuc     65
Comments   Tito Boeri   Alessandra Fogli     110
Shadow Sorting   Tito Boeri   Pietro Garibaldi     125
Comments   Robert E. Hall   Christopher A. Pissarides     164
Globalization and Equilibrium Inflation-Output Tradeoffs   Assaf Razin   Prakash Loungani     171
Comments   Robert G. King   Kenneth D. West     193
Implications of an Expanding Monetary Union
Fiscal Externalities and Optimal Taxation in an Economic Community   Marianne Baxter   Robert G. King     207
Comments   Pierpaolo Benigno   Francesco Giavazzi     251
Fiscal Divergence and Business Cycle Synchronization: Irresponsibility Is Idiosyncratic   Zsolt Darvas   Andrew K. Rose   Gyorgy Szapary     261
Comments   Roberto Rigobon   Lucrezia Reichlin     299
Dual Inflation and the Real Exchange Rate in New Open Economy Macroeconomics   Balazs Vilagi     315
Comments   Richard H. Clarida   Refet S. Gurkaynak     350
Trade Invoicing in the Accession Countries: Are They Suited to the Euro?   Linda S. Goldberg     357
Comments   Charles Engel   Richard Portes     394
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