Wanted: A New Handbook of Macroeconomics

The first volume of the Handbook of Macroeconomics, edited by Michael Woodford and me, was published in 1999 in the midst of the Great Moderation.  It still ranks first in total downloads of all economics books according to Research Papers in Economics (RePEc). This is perhaps not so surprising given all distinguished contributors to the volume like Hansen, Solow, Shiller, Bernanke, Mankiw, Hall, Browning, Gertler, Christiano, Eichenbaum, Evans, Stock, Watson, Bordo, Schwartz, Durlauf, Quah, Benhabib, Farmer,  Evans, Honkapohja, Heckman, McGrattan, Caballero, King, Rebelo, Ramey, West, Mortensen, Pissarides, Persson, Tabellini, Chari, Kehoe, Calvo, Vegh, Elmendorf, Schmitz, McCallum, Gilchrist, Campbell, and Attanasio

But much has changed in macroeconomics in the past 15 years—including the sad end of the Great Moderation, the financial crisis, the Great Recession, the Not-So-Great Recovery, and a substantial rethinking of macro models and macro policy.  So a new Handbook is sorely needed, and Harald Uhlig and I have agreed to put one together with Elsevier as the publisher again.

A key part of the creation of such a Handbook is a conference where contributors can present and discuss their ideas. Because there will be many contributors, Harald and I have arranged for two conferences, one hosted by the Hoover Institution at Stanford University on April 9-11, 2015, and the other hosted by the Becker-Friedman Institute at the University of Chicago on April 23-25, 2015. These conferences promise to be fascinating.  They will bring together a wide range of distinguished macroeconomic researchers to exchange views about the current state of macro. The Handbook will then follow.

The following Table of Contents for the Handbook shows the economists who will contribute and will appear either at the Hoover conference or the Becker-Friedman conference. The volume is divided into parts which distinguish between empirical, theoretical, methodological, and policy issues.  I am really looking forward to these back-to-back conferences next spring.

Handbook of Macroeconomics Volume 2  John B. Taylor,  Harald Uhlig (Editors)

The Facts of Economic Growth and Economic Fluctuations

  1. Business Cycles                                                                        Ed Prescott
  2. The Facts of Economic Growth                                                Chad Jones
  3. Macroeconomic Shocks and Their Propagation                   Valerie Ramey
  4. Macroeconomic Regimes and Regime Shifts                       Jim Hamilton
  5. The Macroeconomics of Time Allocation                            Mark Aguiar and Erik Hurst
  6. Household and Firm Credit Flows                                      Amir Sufi and Atif Mian
  7. Prices and Wages                                                                      Susanto Basu, Chris House
  8. Financial and Fiscal Crises                                                    Mike Bordo and Chris Meissner

The Methodology of Macroeconomics

  1. Factor Models for Macroeconomics                                     James Stock and Mark Watson
  2. Solution and Estimation Methods for DSGE Models        Jesus Fernandez Villaverde, Juan Rubio-Ramirez, and Frank Schorfheide
  3. Recursive Contracts and Endogenously Incomplete Markets        Mikhail Golosov and     Aleh Tsyvinski
  4. Macroeconomics and Heterogeneity (including inequality)       Dirk Krueger and             Fabrizio Perri
  5. Natural Experiments in Macroeconomics                        Nicola Fuchs-Schündeln and Tarek Hassan
  6. Self-confirming Equilibria, Robustness and Applications             Tom Sargent
  7. Accounting for Business Cycles with Wedges                         V.V. Chari
  8. Incomplete Information in Macroeconomics                     Marios Angeletos

Financial-Real Connections

  1. Credit and Financial Frictions                                     Mark Gertler and Nobu Kiyotaki
  2. Macroeconomics and Financial Markets             Harald Uhlig and Veronica Guerrieri
  3. Macro,Money and Finance:A Continuous Time Framework    Markus Brunnermeier and Yuliy Sannikov
  4. Housing and Macroeconomics                          Monika Piazzesi and Martin Schneider
  5. Term Structure of Uncertainty in the Macroeconomy      Jaroslav Borovicka and Lars Hansen
  6. International Debt Crises   Hal Cole, Satyajit Chatterjee, Mark Aguiar, Zach Stangebye

Models of Economic Growth and Fluctuations

  1. Long-run Growth                                                          Oded Galor
  2. Family Macroeconomics          Matthias Doepke and Michele Tertilt
  3. Environmental Macroeconomics     John Hassler, Per Krusell, and Tony Smith
  4. Models with Price and Wage Rigidities                         John Taylor
  5. Neoclassical Theories                                                     Lee Ohanian and Gary Hansen
  6. Labor Markets and Unemployment                         Robert Shimer
  7. Uncertainty and Macro                                              Nick Bloom and Steven Davis
  8. Macroeconomics of Persistent Slumps                       Bob Hall
  9. Macroeconomics and the Labor Market                  Larry Christiano, Marty Eichenbaum, and Mathias Trabandt                                

Macroeconomic Policy

  1. Macro Models Used at Central Banks and New Challenges                  Jesper Linde, Frank Smets. and Raf Wouters
  2. Macroprudential Financial Regulation                       Anil Kashyap
  3. Fiscal Inflation                                                                  Eric Leeper, Campbell Leith
  4. New Dynamic Public Finance                                                   Iván Werning
  5. Deficits, Debt, Fiscal Crises and Fiscal Consolidation                     Enrique Mendoza, Pablo D’Erasmo, Jing Zang
  6. Political Economy and Macroeconomics                                                Alberto Alesina
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