The goals of the annual NBER Macroeconomics Conference are to present, extend, and apply frontier work in macroeconomics and to stimulate work by macroeconomists in policy issues. Each paper in the Annual is followed by comments and discussion. Contributors: Christopher Carroll, Wendy Dunn, Martin Feldstein, Michael Gavin, Martin Goodfriend, Robert King, Peter Klenow, Roberto Perotti, Andres Rodriguez, Julio Rotemberg, Andrew Samwick, Michael Woodford.

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