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NBER International Seminar on Macroeconomics 2012

Volume 9

The distinguished International Seminar on Macroeconomics has met annually in Europe for over thirty years. The topics covered in this year’s volume fall into four categories: exchange rates, global business cycles, the financial crisis, and unemployment and the Great Recession. The chapters include a study of capital-account policies that are sometimes used to peg the real exchange rate, and an analysis of panel data from OECD countries that characterizes and explains movements in house prices. Other studies explore central issues to the financial crisis, such as its impact on trade flows, the effects of official bailouts, and the nature and evolution of unemployment during the Great Recession.

Table of Contents

Jeffrey Frankel; Christopher Pissarides

1. Long-Term Barriers to the International Diffusion of Innovations
Enrico Spolaore; Romain Wacziarg
Comments by:
L. Rachel Ngai; Linda Tesar

2. Firm Heterogeneity, Endogenous Entry, and the Business Cycle
Gianmarco I. P. Ottaviano
Comments by:
Charles Engel; Paolo Pesenti

3. The Risk Content of Exports: A Portfolio View of International Trade
Julian di Giovanni; Andrei A. Levchenko
Comments by:
Sebnem Kalemli-Ozcan; Assaf Razin

4.  The Cyclical Behavior of Equilibrium Unemployment and Vacancies in the United States and Europe
Alejandro Justiniano; Claudio Michelacci
Comments by:
Marcus Hagedorn; Steinar Holden

5.  Toward a Political Economy of Macroeconomic Thinking
Gilles Saint-Paul
Comments by:
Enrico Spolaore; Allan Drazen

6.  The Fiscal Stimulus of 2009–2010: Trade Openness, Fiscal Space, and Exchange Rate Adjustment
Joshua Aizenman; Yothin Jinjarak
Comments by:
Menzie Chinn; Francesco Giavazzi

7.  Flexing Your Muscles: Abandoning a Fixed Exchange Rate for Greater Flexibility
Barry Eichengreen; Andrew K. Rose
Comments by:
Jorge Braga de Macedo; Kenneth D. West

8.  Traded and Nontraded Goods Prices, and International Risk Sharing: An Empirical Investigation
Giancarlo Corsetti; Luca Dedola,; Francesca Viani
Comments by:
Richard H. Clarida; Mario J. Crucini

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