Lessons from the crisis for macroeconomics.

• Position: Conferences

An NBER conference, "Lessons from the Crisis for Macroeconomics," took place in New York on December 4. Research Associates Virgiliu Midrigan and Thomas Philippon of New York University organized the meeting. These papers were discussed:

* Julian Kozlowski, New York University, and Laura Veldkamp and Venky Venkateswaran, New York University and NBER, "The Tail that Wags the Economy: Belief-Driven Business Cycles and Persistent Stagnation" (NBER Working Paper No. 21719)

* David Berger and Guido Lorenzoni, Northwestern University and NBER, and Veronica Guerrieri and Joseph Vavra, University of Chicago and NBER, "House Prices and Consumer Spending" (NBER Working Paper No. 21667)

* Christopher House and Linda Tesar, University of Michigan and NBER, and Christian Probsting, University of Michigan, "Austerity in the Aftermath of the Great Recession"

* Atif Mian, Princeton University and NBER; Amir Sufi, University of Chicago and NBER...