NBER macroeconomics annual 2016, volume 31.

• Author: Eichenbaum, Martin
• Position: NBER Books

The NBER Macroeconomics Annual features a collection of theoretical and empirical studies on central issues in contemporary macroeconomics. Pierre-Olivier Gourinchas, Thomas Philippon, and Dimitri Vayanos analyze the causes of the Greek crisis of 2010 and the policy efforts that ensued. Next, Olivier Blanchard, Christopher J. Erceg, and Jesper Linde demonstrate that under plausible modeling assumptions, fiscal expansion by the core euro area economies would likely have a substantial positive effect on the GDP of nations on the periphery of the euro area, provided the European Central Bank holds policy rates low. Oscar Jorda, Moritz Schularick, and Alan M. Taylor introduce a new set of stylized facts about economic growth and financial ratios, and a new macro-financial database for the study of historical financial booms and busts. Jeffrey R. Campbell, Jonas D. M. Fisher, Alejandro

Justiniano, and Leonardo Melosi study the historical effects of Federal Reserve efforts to provide guidance about the future path of the funds rate and conclude that: forward guidance...