NBER Macroeconomics Annual, 2022: Volume 37

The NBER Macroeconomics Annual provides authoritative takes on the most current and pressing issues in macroeconomics today, bringing together leading scholars to discuss five research papers on central issues. The papers cover topics such as the rise of a new class of worker, monetary policy shocks, the wealth gap between White and Black Americans, sticky wages, and the growth of private savings and current account deficits.

Format: Paperback / softback
Length: 512 pages
Publication date: 30 June 2023
Publisher: The University of Chicago Press

The NBER Macroeconomics Annual serves as a vital platform for esteemed economists to engage in critical discussions on the most pressing and contemporary issues in macroeconomics. It provides a forum for these experts to present their insights and report on significant advancements in macroeconomic analysis and policy.

The NBER Macroeconomics Annual brings together a distinguished group of scholars to explore five research papers on key topics in contemporary macroeconomics. In the first paper, Andrea Eisfeldt, Antonio Falato, and Mindy Xiaolan examine the emergence of a new class of workers who receive a portion of their labor income as equity-based compensation. They explore the role of this group in the recent decline in the labor share of income, its implications for the returns to skilled labor, and the potential complementarity between capital and skill.

Michael Bauer and Eric Swanson in the second paper delve into the realm of monetary policy shocks. They argue that the correlation between estimated monetary surprises and previously available information can be explained by uncertainty about the parameters of the monetary policy rule. Employing novel data and methods, they uncover effects of monetary policy on macroeconomic variables that are significantly larger than previously estimated.

Job Boerma and Loukas Karabarbounis in the third paper present a framework for quantitatively analyzing the wealth gap between White and Black Americans over the past 150 years. They examine the effectiveness of reparations as a tool for closing this gap. Guido Menzio in the fourth paper explores the behavior of workers who do not have rational expectations and whose "stubborn" beliefs alter the response of wages to technology shocks, leading to sticky wages. He finds that the larger the fraction of workers with stubborn beliefs, the more volatile unemployment becomes.

Rishabh Aggarwal, Adrien Auclert, Matthew Rognlie, and Ludwig Straub in the fifth paper investigate the growth, particularly in the developing world. They analyze the factors driving economic development, including investment, human capital, and institutions. Their findings shed light on the policies and strategies that can promote sustainable and inclusive growth.

The NBER Macroeconomics Annual serves as a valuable resource for researchers, policymakers, and scholars seeking to stay informed about the latest developments in macroeconomics. It provides a platform for intellectual exchange and fosters collaboration among leading experts in the field. By presenting cutting-edge research and engaging in meaningful discussions, the Annual contributes to our understanding of the complex dynamics shaping the global economy.

Weight: 650g
Dimension: 153 x 231 x 30 (mm)
ISBN-13: 9780226828213