NBER International Seminar on Macroeconomics 2005

Abstracts xiii Introduction 1(10) Jeffrey A. Frankel Christopher A. Pissarides Part I: Macroeconomic Policy and Labor Markets Macroeconomic Derivatives: An Initial Analysis of Market-Based Macro Forecasts, Uncertainty, and Risk 11(54) Refet S. Gurkaynak Justin Wolfers Comments 51(14) Christopher D. Carroll Adam Szeidl The Roots of Low European Employment: Family Culture? 65(60) Yann Algan Pierre Cahuc Comments 110(15) Tito Boeri Alessandra Fogli Shadow Sorting 125(46) Tito Boeri Pietro Garibaldi Comments 164(7) Robert E. Hall Christopher A. Pissarides Globalization and Equilibrium Inflation-Output Tradeoffs 171(36) Assaf Razin Prakash Loungani Comments 193(14) Robert G. King Kenneth D. West Part II: Implications of an Expanding Monetary Union Fiscal Externalities and Optimal Taxation in an Economic Community 207(54) Marianne Baxter Robert G. King Comments 251(10) Pierpaolo Benigno Francesco Giavazzi Fiscal Divergence and Business Cycle Synchronization: Irresponsibility Is Idiosyncratic 261(54) Zsolt Darvas Andrew K. Rose Gyorgy Szapary Comments 299(16) Roberto Rigobon Lucrezia Reichlin Dual Inflation and the Real Exchange Rate in New Open Economy Macroeconomics 315(42) Balazs Vilagi Comments 350(7) Richard H. Clarida Refet S. Gurkaynak Trade Invoicing in the Accession Countries: Are They Suited to the Euro? 357(37) Linda S. Goldberg Comments 394 Charles Engel Richard Portes