ROBERT J. BARRO is Professor of Economics at Harvard University and a Research Associate of the National Bureau of Economic Research. He is also a contributing editor of the Wall Street Journal. His previous books include Modern Business Cycle Theory; Money, Expectations and Business Cycles; and Macroeconomic Policy. He has published extensively in professional journals and holds a PhD in economics from Havard University and a BS is physics from the California Institute of Technology. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society and has served as an officer of the American Economic Association.VITTORIO GRILLI is the Woolwich Professor of Financial Economics at Birkbeck College, University of London. He holds degrees from the Università Bocconi, Milan, and the University of Rochester, New York. He is a Research Fellow of the Centre for Economic Policy Research, London, and a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has published widely in professional journals and is Associate Editor of the Journal of International Economics. He is currently a senior adviser to the Italian Ministry of the Treasury.

• The Approach to MacroeconomicsWork Effort, Production and Consumption: The Economics of Robinson CrusoeThe Behaviour of Households with Markets for Commodities and Assets: The Basic Budget Constraint and the Demand for MoneyThe Behaviour of Households with Markets for Commodities and Assets: The Intertemporal Budget Constraint and the Demand for CreditThe Basic Market-Clearing Model The Labour Market World Markets in Goods and CreditAn Introduction to Inflation and Interest RatesMoney, Inflation and Interest Rates in the Market-Clearing ModelFinancial IntermediationInternational Monetary LinkagesInvestment and Real Business CyclesUnemploymentEconomic Growth Government Purchases and Public Services Taxes and TransfersThe Public Debt Investment and Fiscal Policy in the World EconomyThe Interplay between Nominal and Real Variables: What is the Evidence?Money and Business Fluctuations in the Market-Clearing ModelThe Keynesian Theory of Business FluctuationsMonetary Policies, Credibility and International Coordination.

ROBERT J. BARRO is Professor of Economics at Harvard University and a Research Associate of the National Bureau of Economic Research. He is also a contributing editor of the Wall Street Journal. His previous books include Modern Business Cycle Theory; Money, Expectations and Business Cycles; and Macroeconomic Policy. He has published extensively in professional journals and holds a PhD in economics from Havard University and a BS is physics from the California Institute of Technology. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society and has served as an officer of the American Economic Association.VITTORIO GRILLI is the Woolwich Professor of Financial Economics at Birkbeck College, University of London. He holds degrees from the Università Bocconi, Milan, and the University of Rochester, New York. He is a Research Fellow of the Centre for Economic Policy Research, London, and a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has published widely in professional journals and is Associate Editor of the Journal of International Economics. He is currently a senior adviser to the Italian Ministry of the Treasury.

• The Approach to MacroeconomicsWork Effort, Production and Consumption: The Economics of Robinson CrusoeThe Behaviour of Households with Markets for Commodities and Assets: The Basic Budget Constraint and the Demand for MoneyThe Behaviour of Households with Markets for Commodities and Assets: The Intertemporal Budget Constraint and the Demand for CreditThe Basic Market-Clearing Model The Labour Market World Markets in Goods and CreditAn Introduction to Inflation and Interest RatesMoney, Inflation and Interest Rates in the Market-Clearing ModelFinancial IntermediationInternational Monetary LinkagesInvestment and Real Business CyclesUnemploymentEconomic Growth Government Purchases and Public Services Taxes and TransfersThe Public Debt Investment and Fiscal Policy in the World EconomyThe Interplay between Nominal and Real Variables: What is the Evidence?Money and Business Fluctuations in the Market-Clearing ModelThe Keynesian Theory of Business FluctuationsMonetary Policies, Credibility and International Coordination.

ROBERT J. BARRO is Professor of Economics at Harvard University and a Research Associate of the National Bureau of Economic Research. He is also a contributing editor of the Wall Street Journal. His previous books include Modern Business Cycle Theory; Money, Expectations and Business Cycles; and Macroeconomic Policy. He has published extensively in professional journals and holds a PhD in economics from Havard University and a BS is physics from the California Institute of Technology. He is a fellow of the American Academy of Arts and Sciences and the Econometric Society and has served as an officer of the American Economic Association.VITTORIO GRILLI is the Woolwich Professor of Financial Economics at Birkbeck College, University of London. He holds degrees from the Università Bocconi, Milan, and the University of Rochester, New York. He is a Research Fellow of the Centre for Economic Policy Research, London, and a Research Associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has published widely in professional journals and is Associate Editor of the Journal of International Economics. He is currently a senior adviser to the Italian Ministry of the Treasury.

• The Approach to MacroeconomicsWork Effort, Production and Consumption: The Economics of Robinson CrusoeThe Behaviour of Households with Markets for Commodities and Assets: The Basic Budget Constraint and the Demand for MoneyThe Behaviour of Households with Markets for Commodities and Assets: The Intertemporal Budget Constraint and the Demand for CreditThe Basic Market-Clearing Model The Labour Market World Markets in Goods and CreditAn Introduction to Inflation and Interest RatesMoney, Inflation and Interest Rates in the Market-Clearing ModelFinancial IntermediationInternational Monetary LinkagesInvestment and Real Business CyclesUnemploymentEconomic Growth Government Purchases and Public Services Taxes and TransfersThe Public Debt Investment and Fiscal Policy in the World EconomyThe Interplay between Nominal and Real Variables: What is the Evidence?Money and Business Fluctuations in the Market-Clearing ModelThe Keynesian Theory of Business FluctuationsMonetary Policies, Credibility and International Coordination.