The NBER Reporter 2009 Number 4

The following volumes may be ordered directly from the University of Chicago Press Distribution Center, at
E-mail: custserv@press.uchicago.edu

For more information on ordering and electronic distribution, see

China's Growing Role in World Trade

China's Growing Role in World Trade, edited by Robert C. Feenstra and Shang-Jin Wei, is available from the University of Chicago Press for $110.00.

In less than three decades, China has grown from playing a negligible role in world trade to being one of the world’s largest exporters. China is a substantial importer of raw materials, intermediate outputs, and other goods, and is both a recipient and a source of foreign investment. Not surprisingly, China’s economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China’s rise — the loss of jobs, for example — others have highlighted the benefits of less expensive Chinese goods and services available to U.S. consumers as well as new market and investment opportunities for U.S. firms.

Bringing together a group of expert contributors, China’s Growing Role in World Trade investigates the effects of China's new status through essays that analyze the microstructure of China's trade, its macroeconomic implications, issues at the sector level, and the role of foreign direct investment.

Feenstra is the Director of the NBER's Program on International Trade and Investment and Distinguished Professor of Economics at the University of California, Davis. Wei is Director of the NBER's Working Group on the Chinese Economy. He is also the N.T. Wang Professor of Chinese Business and Economy and a Professor of International and Public Affairs at Columbia University, and a Professor of Finance and Economics at Columbia Business School.

Europe and the Euro

Europe and the Euro, edited by Alberto F. Alesina and Francesco Giavazzi, is available from the University of Chicago Press for $110.00

Countries rarely give up their currencies and relatedly their ability to influence such critical aspects of their economies as interest rates and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. A decade is an ideal time frame over which to evaluate the success of the euro and to ask whether it has lived up to expectations. Europe and the Euro thus looks at a number of important issues, including: the effects of the euro on the reform of goods and labor markets; its influence on business cycles and trade among members; and whether the single currency has induced convergence or divergence in the economic performance of member countries. This volume is an essential reference on the first ten years of the euro and the workings of a monetary union.

Alesina is Director of NBER's Program on Political Economy and the Nathaniel Ropes Professor of Political Economy at Harvard University. Giavazzi is a Research Associate in the NBER's Program on International Finance and Macroeconomics and a professor of economics at Bocconi University in Milan, Italy. He is also president of the Innocenzo Gasparini Institute for Economic Research in Milan.

International Dimensions of Monetary Policy

International Dimensions of Monetary Policy, edited by Jordi Galí and Mark J. Gertler, will be available from the University of Chicago Press this winter for $120.00.

Traditionally, U.S. monetary policy was modeled under the assumption that the domestic economy was immune to international factors and external shocks. That assumption has become increasingly unrealistic in this age of integrated capital markets, tighter links between national economies, and reduced trading costs. This NBER Conference Volume addresses the various repercussions of the continuing evolution toward globalization for the conduct of monetary policy. The contributing authors examine both real and potential effects of increased openness and exposure to international economic dynamics. Their findings reveal that central banks continue to have a decisive influence on domestic economic outcomes, including inflation. Therefore, international factors may have a limited role in national performance.

Galí and Gertler are Research Associates in the NBER's Program on Monetary Economics. Galí is also Director and Senior Researcher at the Centre de Recerca en Economia Internacional (CREI) and a profesor of economics at Universitat Pompeu Fabra in Barcelona, Spain. Gertler is the Henry and Lucy Moses Professor of Economics at New York University.

Price Index Concepts and Measurement

Price Index Concepts and Measurement, edited by W. Erwin Diewert, John Greenlees, and Charles R. Hulten, will be available this winter from the University of Chicago Press. The NBER Conference Report is priced at $135.00.

Although inflation is much feared for its negative effects on the economy, the actual measurement of inflation is a matter of considerable debate, with important implications for interest rates, the money supply, and investment and spending decisions. Price Index Concepts and Measurement brings together leading experts to address some of the questions involved in conceptualizing and measuring inflation. The contributors evaluate the accuracy of the Cost-of-Living Index (COLI), a Cost-of-Goods Index, and a variety of other methodological frameworks as the bases for thinking about consumer prices.

Diewert and Hulten are Research Associates in the NBER's Program on Productivity. Diewert is a professor of economics at the University of British Columbia; Hulten is a professor of economics at the University of Maryland. Greenlees is a research economist in the Division of Price and Index Number Research at the Bureau of Labor Statistics.

Reforming the Welfare State: Recovery and Beyond in Sweden

Reforming the Welfare State: Recovery and Beyond in Sweden, edited by Richard B. Freeman, Birgitta Swedenborg, and Robert H. Topel, will be available from the University of Chicago Press this winter for $99.00.

During the twentieth century, Sweden developed a large and active welfare state with generous social programs. More recently, Sweden has been discussed as a model of how to deal with financial and economic crisis because it recovered from a banking crisis in the mid-1990s. Reforming the Welfare State examines Sweden’s policies in response to that crisis and their implications for the subsequent recovery. Among the issues investigated in this volume are how labor market changes, tax and benefit policies, local government policy, industrial structure, and international trade all affected Sweden’s recovery.

Freeman until recently directed the NBER's Program on Labor Studies; he and Topel are Research Associates in that Program. Freeman is also the Herbert Ascherman Chair in Economics at Harvard University. Swedenborg is an economist and former vice president and research director of the Center for Business and Policy Studies (SNS) in Stockholm, Sweden. Topel is also the Isidore Brown and Gladys J. Brown Professor in Urban and Labor Economics at the University of Chicago's Booth School of Business.

Innovation Policy and the Economy, Volume 10

Innovation Policy and the Economy, Volume 10, edited by Josh Lerner and Scott Stern, will be available from the University of Chicago Press Journals Division in early 2010. This annual volume is priced at $58.00 and is available electronically for $35.00.

The annual Innovation Policy and the Economy conferences provide a forum for the discussion of interactions among public policy, the innovation process, and the economy. Participants analyze policies that affect the ability of an economy to achieve scientific and technological progress, or that affect the impact of science and technology on economic growth. This tenth in the series includes discussions of file-sharing and copyright, the global location of biopharmaceutical knowledge activity, university licensing, and several other topics.

Lerner and Stern co-direct the NBER's Working Group on Innovation Policy and the Economy. In addition, Lerner co-directs the NBER Working Group on Entrepreneurship. Both Lerner and Stern are Research Associates in the NBER's Program on Productivity. Lerner is also the Jacob H. Schiff Professor of Investment Banking at the Harvard Business School. Stern is also the Joseph and Carole Levy Professor at Northwestern University's Kellogg School of Management.

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