NBER International Seminar on Macroeconomics 2004

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, this particular volume offers cutting-edge research on monetary and fiscal policy responses to macroeconomic fluctuations, with special emphasis on tailoring a single monetary policy for the diverse economies that make up the European Monetary Union. The individual papers examine such topics as whether rule-based monetary policy should target price levels or inflation rates; how much cyclical correlation across countries can be attributed to transmission between multinational companies and their international affiliates; the different effects of monetary policy in high-debt and low-debt countries; and the prospects for the ten 2004 entrants to the European Union, based on the experiences of EU entrants of the 1980s.

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, this particular volume offers cutting-edge research on monetary and fiscal policy responses to macroeconomic fluctuations, with special emphasis on tailoring a single monetary policy for the diverse economies that make up the European Monetary Union. The individual papers examine such topics as whether rule-based monetary policy should target price levels or inflation rates; how much cyclical correlation across countries can be attributed to transmission between multinational companies and their international affiliates; the different effects of monetary policy in high-debt and low-debt countries; and the prospects for the ten 2004 entrants to the European Union, based on the experiences of EU entrants of the 1980s.