The International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers included in the 2006 volume discuss the relationship between prices and productivity in the OECD; monetary policy impact on inflation and output; implications of rising government debt; the relationship between consumption and labor market tightness; variation in real wages over the business cycle; production sharing and business cycle synchronization in accession countries; and, pension systems and the allocation of macroeconomic risk.The 2007 papers discuss interest-setting and central bank transparency; expectations, monetary policy, and traded good prices; public investment and the golden rule; the role of institutions, confidence, and trusts in financial integration within EU countries; international portfolios with supply, demand, and redistributive shocks; transmission and stabilization in closed and open economies; capital flows and asset prices; and, welfare implications of financial globalization without financial development.
Lucrezia Reichlin is director of general research at the European Central Bank and full professor of economics at Universite Libre de Bruxelles. Kenneth West is the Ragnar Frisch Professor of Economics at the University of Wisconsin - Madison and a research associate of the NBER. Richard H. Clarida is the C. Lowell Harriss Professor of Economics and professor of international affairs at Columbia University and a research associate of the NBER, Francesco Giavazzi is professor of economics at Bocconi University, a regular visiting professor at the Massachusetts Institute of Technology, and a research associate of the NBER.