This collection of essays applies modern micro-founded macroeconomic models to some of the most important economic policy questions facing monetary and macroeconomic policymakers. Key issues surveyed include: consumption investment; growth and business cycles; the role of government; asset pricing; the interaction of monetary and fiscal policy; open-economy issues; stabilization policy and general equilibrium analysis of emerging market crises. The book includes specially commissioned chapters from recognized authorities.

Provides an overview of the modern theory and empirics of business cycles. This book examines the notion of a business cycle and discusses alternative approaches to modeling. It also discusses what lies ahead for modern business cycle theory.