Kenneth S. Rogoff

Mark Gertler

The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation.

NBER Macroeconomics Annual 2003

Kenneth Rogoff

NBER Macroeconomics Annual 2002

Shaun Levin

The first of The Nobile Folios explores Bathers 1917-18 by the acclaimed British painter Mark Gertler (1891-?1939). The painting is set alongside Shaun Levin's original short story 'Trees at a Sanatorium'. Mark Gertler was born in Spitalfields in London's East End in 1891, the youngest son of Jewish immigrant parents. Bathers 1917-18 was painted when Gertler was only 26 and dates from a period of intensive research into Cézanne. Bathers is amongst his seminal works from the World War I period. Shaun Levin's story 'Trees at a Sanatorium' was written specifically for this publication. It is a meditation on landscape and the importance of intimacy in artistic creation. Levin wrote this story visiting places where Gertler stayed--whether out of choice or necessity--from the sanatorium at Banchory in Scotland, to Catalonia, to Paris and the gardens at Garsington Manor.

Bathers 1917-18 - Trees at a Sanatorium

The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.

NBER Macroeconomics Annual 2005

Jordi Galí

United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

International Dimensions of Monetary Policy

J. David López-Salido

Abstract: We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe.

Mark Gertler

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