NBER Macroeconomics Annual 2009, Volume 24

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The NBER Macroeconomics Annual provides a forum for important debates in contemporary macroeconomics and major developments in the theory of macroeconomic analysis and policy that include leading economists from a variety of fields. The papers and accompanying discussions in NBER Macroeconomics Annual 2009 address how heterogeneous beliefs interact with equilibrium leverage and potentially lead to leverage cycles, the validity of alternative hypotheses about the reason for the recent increase in foreclosures on residential mortgages, the credit rating crisis, quantitative implications for the evolution of the U.S. wage distribution, and noisy business cycles.

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Product Details

Meet the Author

Daron Acemoglu is the Charles P. Kinderberger Professor of Applied Economics at the Massachusetts Institute of Technology and a research associate of the NBER. Michael Woodford is the John Bates Clark Professor of Political Economy at Columbia University and a research associate of the NBER.

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Table of Contents

Front matter, table of contents: Daron Acemoglu, Kenneth Rogoff, Michael Woodford

Editorial in "NBER Macroeconomics Annuel 2009, Volume 24": Daron Acemoglu, Kenneth Rogoff, Michael Woodford

1. The Leverage Cycle: John Geanakoplos

       Comment: Franklin Allen

       Comment: Hyun Song Shin

       Discussion: Daron Acemoglu, Kenneth Rogoff, Michael Woodford

2. Reducing Foreclosures: No Easy Answers: Christopher Foote, Kristopher Gerardi, Lorenz Goette, Paul Willen

       Comment: Christopher Mayer

       Comment: Atif Mian

       Discussion: Daron Acemoglu, Kenneth Rogoff, Michael Woodford

3. The Credit Rating Crisis: Efraim Benmelech, Jennifer Dlugosz

       Comment: Adam B Ashcraft

       Comment: Bengt Holmstrom

       Discussion: Daron Acemoglu, Kenneth Rogoff, Michael Woodford

4. A Quantitative Analysis of the Evolution of the U.S. Wage Distribution: 1970-2000: Fatih Guvenen, Burhanettin Kuruscu

       Comment: David Autor

       Comment: Francesco Caselli

       Discussion: Daron Acemoglu, Kenneth Rogoff, Michael Woodford

5. Noisy Business Cycles: George-Marios Angeletos, Jennifer La'O

       Comment: Christian Hellwig

       Comment: Robert G. King

       Discussion: Daron Acemoglu, Kenneth Rogoff, Michael Woodford

6. Letting Different Views about Business Cycles Compete: Paul Beaudry, Bernd Lucke

       Comment: Jonas D.M. Fisher

       Comment: Stephanie Schmitt-Grohé

       Discussion: Daron Acemoglu, Kenneth Rogoff, Michael Woodford

The Financial Crisis and the Federal Reserve: Frederic S. Mishkin

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