NBER Macroeconomics Annual 2018, Volume 33.

• Position: NBER Books

Edited by Martin Eichenbaum and Jonathan A. Parker

https://press.uchicago.edu/ucp/books/book/distributed/N/bo41210957.html

This volume contains six studies on current topics in macroeconomics. Michael Woodford shows that while the assumption of rational expectations is unrealistic, a finite-horizon forward planning model can generate results similar to those of a rational expectations equilibrium. Andrew Atkeson, Adrien d'Avernas, Andrea Eisfeldt, and Pierre-Olivier Weill investigate whether the U.S. financial sector is safer than it was before the financial crisis and examine the ratio of market-to-book values of banks. Loukas Karabarbounis and Brent Neiman study alternative ways to allocate output that are not associated with either capital or labor, what they call "factorless income." Julian Kozlowski, Laura Veldkamp, and Venky Venkateswaran argue that...