Monetary Economics.

• Position: Program and Working Group Meetings

Members of the NBER's Monetary Economics Program met in Cambridge on November 3. Research Associate Valerie A. Ramey of University of California, San Diego and Faculty Research Fellow Johannes Wieland of the University of California, San Diego organized the meeting. These researchers' papers were presented and discussed:

* German Gutierrez, New York University, and Thomas Philippon, New York University and NBER, "Declining Competition and Investment in the U.S." (NBER Working Paper No. 23583)

* Nicolas Crouzet, Northwestern University, and Neil Mehrotra, Federal Reserve Bank of Minneapolis, "Small and Large Firms over the Business Cycle"

* George-Marios Angeletos, MIT and NBER, and Chen Lian, MIT, "Forward Guidance without Common Knowledge" (NBER Working Paper No. 22785)

* Stephan Luck and Tom...