The NBER International Seminar on Macroeconomics brings together
leadingAmerican and European economists to discuss a broad range of
current issues inglobal macroeconomics. An international companion
to the more American-focused NBERMacroeconomics Annual, this
particular volume offers cutting-edge research onmonetary and
fiscal policy responses to macroeconomic fluctuations, with
specialemphasis on tailoring a single monetary policy for the
diverse economies that makeup the European Monetary Union. The
individual papers examine such topics as whetherrule-based monetary
policy should target price levels or inflation rates; how
muchcyclical correlation across countries can be attributed to
transmission betweenmultinational companies and their international
affiliates; the different effects ofmonetary policy in high-debt
and low-debt countries; and the prospects for the ten2004 entrants
to the European Union, based on the experiences of EU entrants of
the1980s.
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