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NBER International Seminar on Macroeconomics 2007, Volume 4

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.

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500 pages | 60 line drawings, 12 tables | 6 x 9 | © 2008

National Bureau of Economic Research International Seminar on Macroeconomics

Economics and Business: Economics--General Theory and Principles

Table of Contents

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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