International Seminar on Macroeconomics.

• Position: Conference

International Seminar on Macroeconomics

The twelfth annual International Seminar on Macroeconomics (ISOM) was held in Paris on June 19-20. ISOM is cosponsored by the National Bureau of Economic Research, the Maison des Sciences de l'Homme, and the European Economic Association. This year it was hosted by the Banque de France at the Chateau de la Vrilliere in Paris. ISOM is organized jointly by Robert J. Gordon of the NBER and Northwestern University and Georges de Menil of the Ecole des Hautes Etudes en Sciences Sociales.

The major themes of this year's meeting were deregulation and trade liberalization in the context of Europe in 1992. Topics discussed included: welfare effects of trade liberalization; economic integration in imperfectly competitive markets; job security and employment; internal and external economies; industrial policy in the airline industry; intrafirm trade in the manufacturing industries; and financial deregulation in Japan. The papers and their discussants were:

Victor Norman, Norwegian School of Economics

and Business Administration, "Assessing Trade

and Welfare Effects of Trade Liberalization"

Discussants: William H. Branson, NBER and Princeton

University; and Alan Winters, University College

of North Wales

Anthony Venables, University of Southampton, "The

Economic Integration of Oligopolistic Markets"

Discussants: Henryk Kierzkowski, Institute of

Graduate Studies, Geneva; and Jean Waelbroeck, Free

University of Brussels

Giuseppe L. Bertola, Princeton University, "Job

Security, Employment, and Wages"

Discussants: Dennis Snower, Birkbeck College; and

Jacques Mairesse, NBER and ENSAE

Ricardo J. Caballero, Columbia University; and

Richard K. Lyons, NBER and Columbia University,

"Internal versus External Economies in European

Industry"

Discussants: Heinz Konig, Universitat Mannheim;

and Daniel Cohen, CEPREMAP

Gernot Klepper, Kiel Institute of World Economics,

"Entry into the Market for Large Transport Aircraft"

Discussants: Robert W. Crandall, Brookings

Institution; and Didier Laussel, Universite d'Aix-Marseille II

Richard E. Baldwin, NBER and Columbia University,

"Measuring 1992's Medium-Term Dynamic Effects"

Discussants: Paul R. Krugman, NBER and MIT; and

Damien Nevin, INSAED

Takatoshi Ito, NBER and Hitotsubashi University,

"Financial Deregulation and Money in Japan, 1985-8"

Discussants: Koichi Hamada, NBER and Yale

University; and Yves Barroux, Banque de France

Norman's paper addresses two questions: Does the "new"...