Economic fluctuations and growth.

• Position: Program and Working Group Meetings - Brief article

The NBER's Program on Economic Fluctuations and Growth, directed by Mark Gertler of New York University and Peter Klenow of Stanford University, met in New York City on February 7, 2014. NBER Research Associates Robert Shimer of the University of Chicago, and Michael Woodford of Columbia University, organized the meeting. These papers were discussed:

* Gabriel Chodorow-Reich, Harvard University, and Loukas Karabarbounis, University of Chicago and NBER, "The Cyclicality of the Opportunity Cost of Employment" (NBER Working Paper No. 19678)

* Roger Farmer, University of California, Los Angeles and NBER, and Carine Nourry and Alain Venditti, University of the Mediterranean, "The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World" (NBER Working Paper No. 18647)

* Fernando Alvarez, University of Chicago and NBER; Herve Le Bihan, Banque de France; and Francesco Lippi, EIEF, "Small and Large Price Changes and the...