NBER International Seminar on Macroeconomics 2007, Volume 4

Edited by Richard H. Clarida and Francesco Giavazzi

NBER International Seminar on Macroeconomics 2007, Volume 4
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Edited by Richard H. Clarida and Francesco Giavazzi

500 pages | 60 line drawings, 12 tables | 6 x 9 | © 2008
Cloth $90.00 ISBN: 9780226107301 Published January 2009

The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers in ISoM 2007 discuss interest setting and central bank transparency; expectations, monetary policy, and traded goods prices; public investment and the golden rule; the role of institutions, confidence, and trust in financial integration within EU countries; international portfolios with supply, demand, and redistributive shocks; transmission and stabilization in closed and open economies; capital flows and asset prices; and welfare implications of financial globalization without financial development.

Contents
Introduction
Richard Clarida and Francesco Giavazzi

Part I: Optimal Monetary Policy
Interest Rate Signals and Central Bank Transparency
Pierre Gosselin, Aileen Lotz, and Charles Wyplosz
Comments: Charles Bean, Michael Woodford

Part II: International Transmission
The Simple Geometry of Transmission and Stabilization in Closed and Open Economies
Giancarlo Corsetti and Paolo Pesenti
Comments: Richard Clarida, Jeffrey Frankel

Expectations, Monetary Policy, and the Misalignment of Traded Goods Prices
Michael B. Devereux and Charles Engel
Comments: Gianluca Benigno, Argia M. Sbordone

Part III: Capital Account Liberalization
Capital Flows and Asset Prices
Kosuke Aoki, Gianluca Benigno, and Nobuhiro Kiyotaki
Comments: Andrew G. Haldane, Sebnem Kalemli-Özcan

International Portfolios with Supply, Demand, and Redistributive Shocks
Nicolas Coeurdacier, Robert Kollmann, and Philippe Martin
Comments: Fabio Ghironi, Refet S. Gürkaynak

On the Welfare Implications of Financial Globalization without Financial Development
Enrique G. Mendoza, Vincenzo Quadrini, and José-Víctor Ríos-Rull
Comments: Giancarlo Corsetti Mehmet Yörükoglu

Part IV: European Financial Integration
Financial Integration within EU Countries: The Role of Institutions, Confidence, and Trust
Mehmet Fatih Ekinci, Sebnem Kalemli-Özcan, and Bent E. Sørensen
Comments: Philip R. Lane, Enrique G. Mendoza
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