Leading world scholars analyse a range of specific departures from general equilibrium theory which have significant implications for the macroeconomic analysis of both developed and developing economies. Other issues are also examined, including the implications for macro policy of new research.

In this volume, leading world scholars analyse a range of specific departures from general equilibrium theory which have significant implications for the macroeconomic analysis of both developed and developing economies. Jacques Dreze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates growth theory to the macroeconomic framework. Other issues examined are the implications for macro policy of new research, including Joseph Stiglitz's warning on the misplaced zeal for financial market liberalization which partly engendered the East Asian and Russian crises.

The International Economic Association - Acknowledgements - List of Contributors - List of Abbreviations and Acronyms - Introduction: Advances and Challenges in Macroeconomics
D.Dr?ze - PART I: THE GENERAL FRAMEWORK - From Neoclassical Growth Theory to New Classical Macroeconomics
R.H.Solow - On the Macroeconomics of Uncertainty and Incomplete Markets (Presidential Address)
J.Dr?ze - Macroeconomic Frictions: What Have We Learnt from the Real Business Cycle Research Programme?
J.P.Danthine &
J.B.Donaldson - PART II: MONEY AND FINANCE - How the Rational Expectations Revolution has Changed Macroeconomic Policy Research
J.Taylor - Monetary Policy in an Imperfect Information World
B.Greenwald - Understanding Inflation: Implications for Monetary Policy
S.G.Cecchetti &
E.L.Groshen - PART III: WAGES AND EMPOYMENT - Single-peaked versus Diversified Capitalism: the Relation between Economic Institutions and Outcomes
R.Freeman - Institutions, Restructuring and Macroeconomic Performance
R.Caballero &
M.Hammour - Rigid Wages: What Have We Learnt from Microeconomic Studies?
F.Kramarz - PART IV: ECONOMETRICS - The Getting of Macroeconomic Wisdom
A.Pagan - PART V: DYNAMICS - Learning Dynamics: Complete and Incomplete Learning
S.Honkapohja - Standard-of-Living Aspirations and Economic Cycles
D.de la Croix - PART VI: DEVELOPMENT - Development Policies Beyond Export-led Growth
V.Corbo - Macroeconomic Policies: Can We Transfer Lessons Across LDCs?
C.Rodrigues - Cross-country Growth Comparison: Theory to Empirics
D.Quah - Volatility and Macroeconomic Paradigms for Rich and Poor Countries (Michael Bruno Memorial Lecture)
W.Easterly, R.Islam &
J.E.Stiglitz - Index