Author Description

Contents Wage Inequality and Regional Unemployment Persistence: U.S. vs. Europe, Guiseppe Bertola and Andreas Ichino - Capital Utilization and Returns to Scale, Craig Burnside, Martin Eichenbaum, and Sergio Rebelo - Banks and Derivatives, Gary Gorton and Richard Rosen - Exchange-Rate-Based Stabilizations: Theory and Evidence, Sergio Rebelo and Carlos Vegh - Inflation Indicators and Inflation Policy, Stephen Cecchetti - Recent Central Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy, Carl Walsh - Is Central Bank Independence (and Low Inflation) the Result of Effective Financial Opposition to Inflation?, Adam Posen - The Unending Quest for Monetary Salvation, Stanley Fischer