Handbook of Macroeconomics

John B. Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University and the George P. Shultz Senior Fellow in Economics at Stanford’s Hoover Institution. He is also the director of Stanford's Introductory Economics Center. His research focuses on macroeconomics, monetary economics and international economics. He co-edited Volume 1 of the Handbook of Macroeconomics and recently wrote Getting Off Track, one of the first books on the financial crisis, and First Principles: Five Keys to Restoring America’s Prosperity. He served as senior economist and Member of the President’s Council of Economic Advisers. From 2001 to 2005, he served as undersecretary of the U.S. Treasury for international affairs. Taylor was awarded the Hoagland Prize and the Rhodes Prize by Stanford University for excellence in undergraduate teaching and the Stanford Economics Department Distinguished Faculty Teaching Award. He received the Truman Medal for Economic Policy for extraordinary contribution to the formation and conduct of economic policy, the Bradley Prize for his economic research and policy achievements, the Adam Smith Award from the National Association for Business Economics, the Alexander Hamilton Award and the Treasury Distinguished Service Award for his policy contributions at the US Treasury, and the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. Taylor received a BA in economics summa cum laude from Princeton and a PhD in economics from Stanford. Harald Uhlig, born 1961, is Professor at the Department of Economics of the University of Chicago since 2007, and was chairman of that department from 2009 to 2012. Previously, he held positions at Princeton, Tilburg University and the Humboldt Universität Berlin. His research interests are in quantitative macroeconomics, financial markets and Bayesian econometrics. He served as co-editor of Econometrica from 2006 to 2010 and as editor of the Journal of Political Economy since 2012 (head editor since 2013). He is a consultant of the Bundesbank, the European Central Bank and the Federal Reserve Bank of Chicago. He is a fellow of the Econometric Society and a recipient of the Gossen Preis of the Verein für Socialpolitik, awarded annually to an economist in the German-language area whose work has gained an international reputation.

• Section 3: Financial-Real Connections17. Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises18. Housing and Credit Markets: Bubbles and Crashes19. Macro, Money and Finance: A Continuous-Time Approach 20. Housing and Macroeconomics21. Term Structure of Uncertainty in the Macroeconomy22. Quantitative Models of Sovereign Debt CrisesSection 4: Models of Economic Growth and Fluctuations23. Families in Macroeconomics24. Environmental Macroeconomics 25. The Staying Power of Staggered Wage and Price Setting Models in Macroeconomics26. Neoclassical Models in Macroeconomics27. Macroeconomics of Persistent Slumps28. Macroeconomics and the Labor MarketSection 5: Macroeconomic Policy29. Challenges for Central Banks’Macro Models30. Liquidity requirements, liquidity choice and financial stability31. Understanding Inflation as a Joint Monetary-Fiscal Phenomenon32. Fiscal Multipliers: Liquidity Traps and Currency Unions33. What Is a Sustainable Public Debt? 34. The Political Economy of Government Debt

"Macro is moving fast, partly because of technological progress and new data, partly because of the intellectual shocks triggered by the crisis. This handbook, like its predecessors, gives us the current state of the arts." --Olivier Blanchard, Massachusetts Institute of Technology"The new volumes in the Handbook of Macroeconomics illustrates both the richness and the enormous breadth of modern research in macroeconomics. The chapters offer in depth surveys of critical areas, new empirical results to guide future researchers, analytical and computational tools for addressing macroeconomic issues, and examples of how these tools can be applied to advance our understanding of aggregate economic behavior. These volumes constitute an important resource for all macroeconomists, one that is certain to be widely used." --Carl E. Walsh, University of California, Santa Cruz"This Handbook is the ideal starting point to get up to speed quickly on any major topic in Macroeconomics: What we have learned and what are the most pressing open questions." --Pete Klenow, Stanford University