The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers included in ISoM 2006 discuss the relationship between prices and productivity in the OECD; monetary policy impact on inflation and output; implications of rising government debt; the relationship between consumption and labor market tightness; variation in real wages over the business-cycle; production sharing and business cycle synchronization in the accession countries; and pension systems and the allocation of macroeconomic risk.
The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers included in this volume discuss openness and the fall and rise of stock market correlations between 1890 and 2001; defaults, underwriters and sovereign bond markets between 1815 and 2007; systemic risk taking and the U.S. financial crisis; the Feldstein-Horioka fact, nontradable goods' real exchange rate puzzle; and assessing external equilibrium in low income countries.
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.