Monetary Economics.

• Position: Program and Working Group Meetings

The NBER's Monetary Economics Program, directed by Christina Romer and David Romer of the University of California, Berkeley, met in Chicago on March 6. NBER Research Associates Janice Eberly of Northwestern University and Arvind Krishnamurthy of Stanford University organized the program. These papers were discussed:

* Erik Hurst, Amit Seru, and Joseph Vavra, University of Chicago and NBER, and Benjamin Keys, University of Chicago, "Regional Redistribution through the U.S. Mortgage Market"

* Efraim Benmelech, Northwestern University and NBER, and Ralf Meisenzahl and Rodney Ramcharan, Board of Governors of the Federal Reserve System, "The Real Effects of Liquidity During the Financial Crisis: Evidence from Automobiles"

* Oscar Jorda, Federal Reserve Bank of San Francisco; Moritz Schularick, University of Bonn; and Alan Taylor, University of California, Davis, and NBER, "Betting the House" (NBER Working Paper No...