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Brookings Papers on Economic Activity

2000 through current issue

Published twice a year, Brookings Papers on Economic Activity (BPEA) offers authoritative, in-depth research on economic development. For over thirty years, BPEA has been an indispensable source for scholars and policymakers seeking objective analysis of major macroeconomic issues.

Published by: Brookings Institution Press

Current Issue: Fall 2011

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E-ISSN: 1533-4465
Print ISSN: 0007-2303

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Purpose

The Brookings Papers on Economic Activity publishes research on current issues in macroeconomics, broadly defined. The journal emphasizes innovative analysis that has an empirical orientation, takes real=world institutions seriously, and is relevant to economic policy. Papers are presented and discussed at conferences held twice each year, and the papers and discussant remarks from each conference are published in the journal several months later. Research findings are described in a clear and accessible style to maximize their impact on economic understanding and economic policymaking; the intended audience includes analysts from universities, governments, and businesses. Topics covered by the journal include fiscal and monetary policy, consumption and saving behavior, business investment, housing, asset pricing, labor markets, wage= and price=setting, business cycles, long=run economic growth, the distribution of income and wealth, international capital flows and exchange rates, international trade and development, and the macroeconomic implications of health costs, energy supply and demand, environmental issues, and the education system.

The conference and the journal are based upon the work partially supported by the National Science Foundation under Grant No. 0752779.

The papers and discussant remarks reflect the views of the authors and not necessarily the views of the funding organizations or the staff members, officers, or trustees of the Brookings Institution.

Call for Papers

Most papers that appear in the Brookings Papers on Economic Activity are solicited by the editors, but the editors also consider submitted proposals. Editorial decisions are generally made about a year in advance of each conference. Therefore, proposals should be received by September 1 for the following fall conference and by April 1 for the following spring conference. Proposals should be no more than three double-spaced pages and should be sent to brookingspapers@brookings.edu or to William Gale, Brookings Institution, 1775 Massachusetts Ave., NW, Washington, D.C. 20036.

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Editorial Boards

Volume 2011, Issue 2

Editors

David H. Romer
Justin Wolfers

Editors, Panel Advisers, and Staff for the Eighty-Eighth Conference

Sumit Agrwal Federal Reserve Bank of Chicago
William C. Brainard Yale University
John C. Driscoll Board of Governors of the Federal Reserve System
Xavier Gabaix New York University
Robert E. Hall Stanford University
David Laibson Harvard University
Willaim D. Nordhaus Yale University
George L. Perry Brookings Institution
Carmen M. Reinhart University of Maryland
Vincent R. Reinhart American Enterprise Institute
Ricardo Reis Columbia University
David H. Romer University of California, Berkeley
John C. Wiliams Federal Reserve Bank of San Francisco
Justin Wolfers University of Pennsylvania
Michael Woodford Columbia University
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Jean-Marie Callan Brookings Institution
Michael Treadway Brookings Institution
Lindsey B. Wilson Brookings Institution

Volume 2011, Issue 1

Editors

David H. Romer
Justin Wolfers

Editors, Panel Advisers, and Staff for the Eighty-Eighth Conference

Volume 2010, Issue 2

Editors

David H. Romer
Justin Wolfers

Editors, Panel Advisers, and Staff for the Eighty-Eighth Conference

Volume 2010, Issue 1

Editors

David H. Romer
Justin Wolfers

Editors, Panel Advisers, and Staff for the Eighty-Eighth Conference

Volume 2009, Issue 2

Editors

David H. Romer
Justin Wolfers

Editors, Panel Advisers, and Staff for the Eighty-Eighth Conference

Volume 2009, Issue 1

Editors

David H. Romer
Justin Wolfers

Editors, Panel Advisers, and Staff for the Eighty-Seventh Conference

Daron Acemoglu, Massachusetts Institute of Technology
George A. Akerlof, University of California, Berkeley
Alan S. Blinder, Princeton University
Leah Platt Boustan, University of California, Los Angeles
John Y. Campbell, Harvard University
Steven J. Davis, University of Chicago
Rafael Di Tella, Harvard University
William G. Gale, Brookings Institution
Robert E. Hall, Stanford University
James D. Hamilton, University of California, San Diego
Lutz Kilian, University of Michigan
Peter J. Klenow, Stanford University
Robert MacCulloch, Imperial College, London
Jeffrey A. Miron, Harvard University
Frederic S. Mishkin, Columbia University
Kevin M. Murphy, University of Chicago
George L. Perry, Brookings Institution
Christina D. Romer, University of California, Berkeley
David H. Romer, University of California, Berkeley
Robert J. Shiller, Yale University
René M. Stulz Ohio, State University
Phillip Swagel, Georgetown University
Luis M. Viceira, Harvard University
Justin Wolfers, University of Pennsylvania
Michael Woodford, Columbia University
Jonathan H. Wright, Johns Hopkins University
Luigi Zingales, University of Chicago

Jean-Marie Callan, Brookings Institution
Rebecca N. Mintz, Brookings Institution
Michael Treadway, Brookings Institution
Lindsey B. Wilson, Brookings Institution

Guests Whose Writings or Comments Appear In This Issue

Henry J. Aaron, Brookings Institution
Philippe Aghion, Harvard University
Richard N. Cooper, Harvard University
Janice C. Eberly, Northwestern University
Benjamin M. Friedman, Harvard University
Robert J. Gordon, Northwestern University
Carol Graham, Brookings Institution and University of Maryland
Caroline M. Hoxby, Stanford University
N. Gregory Mankiw, Harvard University
Ricardo A. M. R. Reis, Columbia University
Charles L. Schultze, Brookings Institution
Matthew D. Shapiro, University of Michigan
Betsey Stevenson, University of Pennsylvania

Volume 2008, Issue 2

Editors

Douglas W. Elmendorf
N. Gregory Mankiw
Lawrence H. Summers

Editors, Panel Advisers, and Staff for the Eighty-Sixth Conference

Daron Acemoglu Massachusetts Institute of Technology
George A. Akerlof University of California, Berkeley
Olivier J. Blanchard Massachusetts Institute of Technology
William C. Brainard Yale University
Ricardo J. Caballero Massachusetts Institute of Technology
Karl E. Case Wellesley College
Kathryn M. Dominguez University of Michigan
Douglas W. Elmendorf Brookings Institution
Emmanuel Farhi Harvard University
Kristopher Gerardi Federal Reserve Bank of Atlanta
Pierre-Olivier Gourinchas University of California, Berkeley
Robert E. Hall Stanford University
Jan Hatzius Goldman Sachs
Peter Blair Henry Stanford University
Charles I. Jones Stanford University
Donald L. Kohn Board of Governors of the Federal Reserve
Rafael La Porta Dartmouth College
Andreas Lehnert Board of Governors of the Federal Reserve
Deborah Lucas Northwestern University
N. Gregory Mankiw Harvard University
Stephen Morris Princeton University
William D. Nordhaus Yale University
George L. Perry Brookings Institution
Carmen M. Reinhart University of Maryland
Vincent R. Reinhart American Enterprise Institute
Dani Rodrik Harvard University
David Romer University of California, Berkeley
Shane M. Sherlund Board of Governors of the Federal Reserve
Hyun Song Shin Princeton University
Andrei Shleifer Harvard University
Nicholas S. Souleles University of Pennsylvania
Lawrence H. Summers Harvard University
Paul Willen Federal Reserve Bank of Boston
Michael Woodford Columbia University
------------
Rebecca N. Mintz Brookings Institution
Michael Treadway Brookings Institution
Lindsey B. Wilson Brookings Institution

Guests Whose Writings or Comments Appear In This Issue

Martin Neil Baily Brookings Institution
Alan S. Blinder Princeton University
Christopher D. Carroll Johns Hopkins University
Richard N. Cooper Harvard University
J. Bradford DeLong University of California, Berkeley
Eduardo M. Engel Yale University
Kristin J. Forbes Massachusetts Institute of Technology
Benjamin A. Friedman Harvard University
Linda Goldberg Federal Reserve Bank of New York
Austan D. Goolsbee University of Chicago
Robert J. Gordon Northwestern University
Chang-Tai Hsieh University of Chicago
Frederic S. Mishkin Columbia University
H�l�ne Rey London Business School
Paul Romer Stanford University
Charles L. Schultze Brookings Institution

Volume 2008, Issue 1

Editors

Douglas W. Elmendorf
N. Gregory Mankiw
Lawrence H. Summers

Panel Members, Senior Advisers, Authors, and Staff for the Eighty-Fifth Conference

Daron Acemoglu Massachusetts Institute of Technology
George A. Akerlof University of California, Berkeley
Alberto Alesina Harvard University
Robert J. Barro Harvard University
Gary S. Becker University of Chicago
Olivier J. Blanchard Massachusetts Institute of Technology
William C. Brainard Yale University
George M. Constantinides University of Chicago
Barry Eichengreen University of California, Berkeley
Douglas W. Elmendorf Brookings Institution
Niall Ferguson Harvard University
Edward L. Glaeser Harvard University
Joshua D. Gottlieb Harvard University
Robert E. Hall Stanford University
Douglas A. Irwin Dartmouth College
Simon Johnson International Monetary Fund
Lawrence F. Katz Harvard University
Alan B. Krueger Princeton University
Paul R. Krugman Princeton University
Robert Z. Lawrence Harvard University
N. Gregory Mankiw Harvard University
William D. Nordhaus Yale University
George L. Perry Brookings Institution
Pablo Querub�n Massachusetts Institute of Technology
H�l�ne Rey London Business School
James A. Robinson Harvard University
David Romer University of California, Berkeley
Paul Romer Stanford University
Betsey Stevenson University of Pennsylvania
Lawrence H. Summers Harvard University
Jos� F. Urs�a Harvard University
Justin Wolfers University of Pennsylvania
Michael Woodford Columbia University
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Rebecca N. Mintz Brookings Institution
Laura Salisbury-Rowswell Brookings Institution
Michael Treadway Brookings Institution
Lindsey B. Wilson Brookings Institution

Guests Whose Writings or Comments Appear In This Issue

Martin Neil Baily Brookings Institution
Rebecca M. Blank Brookings Institution
Christopher D. Carroll Johns Hopkins University
Richard N. Cooper Harvard University
Benjamin A. Friedman Harvard University
Robert J. Gordon Northwestern University
Carol Graham Brookings Institution
Andrei N. Illiaronov Cato Institute
Christopher A. Sims Princeton University

Volume 2007, Issue 2

Editors and Associates

William C. Brainard and George L. Perry, Editors
Kathleen M. Bucholz, Production Associate
Peter J. Kimball, Statistical Associate
Bartosz Mackowiak, Assistant to the Editors
Michael Treadway, Editorial Associate

Panel members and staff

George A. Akerlof University of California, Berkeley
William C. Brainard Yale University
Jason G. Cummins New York University
William T. Dickens Brookings Institution
Dale W. Jorgenson Harvard University
George L. Perry Brookings Institution
Edmund S. Phelps Columbia University
----------
Kathleen M. Bucholz Brookings Institution
Peter J. Kimball Brookings Institution
Bartosz Mackowiak Yale University
Michael Treadway Brookings Institution

Panel advisers participating in the sixty-ninth conference

Olivier Blanchard Massachusetts Institute of Technology
Alan S. Blinder Princeton University
William Branson Princeton University
Susan M. Collins Brookings Institution and Georgetown University
Benjamin M. Friedman Harvard University
Robert J. Gordon Northwestern University
William D. Nordhaus Yale University
Christopher A. Sims Princeton University
Janet L. Yellen University of California, Berkeley

Guests whose writings or comments appear in this issue

Truman F. Bewley Yale University
Stephen R. Bond Institute for Fiscal Studies, London
Janice Eberly Northwestern University
Jean-Paul Fitoussi Observatoire Français des Conjonctures Économiques
Pierre-Olivier Gourinchas Princeton University
David Jestaz Observatoire Français des Conjonctures Économiques
Robert J. Shiller Yale University
Daniel E. Sichel Federal Reserve Board
Kevin J. Stiroh Federal Reserve Bank of New York
Jack E. Triplett Brookings Institution
Shang-Jin Wei Brookings Institution and World Bank
Gylfi Zoega Birkbeck College