NBER Macroeconomics Annual 2003 (NBER Macroeconomics Annual series) (Volume 18)

The NBER Macroeconomics Annual presents pioneering work in macroeconomics by leading academic researchers to an audience of public policymakers and the academic community. Each commissioned paper is followed by comments and discussion. This year's edition provides a mix of cutting-edge research and policy analysis on such topics as productivity and information technology, the increase in wealth inequality, behavioral economics, and inflation. Contents......Page 10 Editorial, NBER Macroeconomics Annual 2003......Page 12 Abstracts......Page 16 The Case of the Missing Productivity Growth, or Does Information Technology Explain Why Productivity Accelerated in the United States but Not in the United Kingdom?......Page 20 Comment OLIVIER BLANCHARD MIT and NBER......Page 75 Comment GIOVANNI L. VIOLANTE New York University and CEPR......Page 83 Discussion......Page 91 On the Welfare Consequences of the Increase in Inequality in the United States......Page 94 Comment STEVEN J. DAVIS University of Chicago and NBER......Page 132 Comment KJETIL STORESLETTEN University of Oslo, Frisch Centre, and IIES......Page 143 Discussion......Page 148 Perspectives on Behavioral Finance: Does “Irrationality” Disappear with Wealth? Evidence from Expectations and Actions......Page 150 Comment JOHN Y. CAMPBELL Harvard University and NBER......Page 205 Comment OWEN A. LAMONT School of Management, Yale University, and NBER......Page 211 Discussion......Page 218 Disagreement About Inflation Expectations......Page 220 Comment ROBERT G. KING* Boston University, NBER, and Federal Reserve Bank of Richmond......Page 259 Comment JOHN C. WILLIAMS Federal Reserve Bank of San Francisco......Page 268 Discussion......Page 279 Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach......Page 282 Comment STEFANIA ALBANESI Duke University......Page 344 Comment GEORGE-MARIOS ANGELETOS MIT and NBER......Page 361 Discussion......Page 372 Inflation Targeting in Emerging Market Economies......Page 376 Comment ROBERT E. HALL Stanford University and NBER......Page 411 Comment FREDERIC S. MISHKIN Columbia University and NBER......Page 414 Discussion......Page 424