JACQUES H. DREZE is Professor of Economics at the Catholic University of Louvain-la-Neuve and heads its Centre for Operations Research and Economics. He is co-author with Amartya Sen of The Political Economy of Hunger, and India: Economic Development and Social Opportunity, and his work on macroeconomic theory includes many journal articles and Underemployment Equilibrium.

• The International Economic Association Acknowledgements List of Contributors List of Abbreviations and Acronyms Introduction: Advances and Challenges in Macroeconomics; D.Drèze PART I: THE GENERAL FRAMEWORK From Neoclassical Growth Theory to New Classical Macroeconomics; R.H.Solow On the Macroeconomics of Uncertainty and Incomplete Markets (Presidential Address); J.Drèze Macroeconomic Frictions: What Have We Learnt from the Real Business Cycle Research Programme?; J-P.Danthine & J.B.Donaldson PART II: MONEY AND FINANCE How the Rational Expectations Revolution has Changed Macroeconomic Policy Research; J.Taylor Monetary Policy in an Imperfect Information World; B.Greenwald Understanding Inflation: Implications for Monetary Policy; S.G.Cecchetti & E.L.Groshen PART III: WAGES AND EMPLOYMENT Single-peaked versus Diversified Capitalism: The Relation between Economic Institutions and Outcomes; R.Freeman Institutions, Restructuring and Macroeconomic Performance; R.Caballero & M.Hammour Rigid Wages: What Have We Learnt from Microeconomic Studies?; F.Kramarz PART IV: ECONOMETRICS The Getting of Macroeconomic Wisdom; A.Pagan PART V: DYNAMICS Learning Dynamics: Complete and Incomplete Learning; S.Honkapohja Standard-of-Living Aspirations and Economic Cycles; D.de la Croix PART VI: DEVELOPMENT Development Policies Beyond Export-led Growth; V.Corbo Macroeconomic Policies: Can We Transfer Lessons Across LDCs?; C.Rodrigues Cross-country Growth Comparison: Theory to Empirics; D.Quah Volatility and Macroeconomic Paradigms for Rich and Poor Countries (Michael Bruno Memorial Lecture); W.Easterly, R.Islam & J.E.Stiglitz Index