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Aims and Scope: Since its inception in 1979, Journal of Macroeconomics has published theoretical and empirical articles

that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the
submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly
defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects
of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the
macroeconomics of income inequality, and macroeconomic forecasting.
Douglas McMILLIN, Department of Economics, E.J. Ourso College of Business, Louisiana State University, CEBA
2113, Baton Rouge, LA, 70803-6306, USA. Tel.: +1-225-578-6646, Fax: +1-225-578-3807, E-mail:
Theodore PALIVOS, Department of Economics, University of Macedonia, 156 Egnatia Street, GR-540-06 Thessaloniki,
Chris PAPAGEORGIOU, Research Department, International Monetary Fund, Washington, DC 20431, USA

Administrative Editor:
Mary Jo NEATHERY, Journal of Macroeconomics, 2113 CEBA, E.J. Ourso College of Business, Louisiana State
University, Baton Rouge, LA 70803. E-mail:

Editorial Board:
T.M. ANDERSEN, University of Aarhus, Denmark
B. BERNANKE, Federal Reserve System, USA
J. CABALLE, Universitat Autonoma de Barcelona, Spain
S. CHAKRABORTY, University of Oregon, USA
B.C. DANIEL, State University of New York at Albany, USA
M.B. DEVEREUX, University of British Columbia, Canada
M.S. EICHENBAUM, Northwestern University, USA
T. EICHER, University of Washington, USA
J.S. FACKLER, University of Kentucky, USA
M.S. FELDSTEIN, Harvard University and NBER, USA
M.R. GARFINKEL, University of California, Irvine, USA
J.C. HALTIWANGER, University of Maryland, USA
P.W. HOWITT, Brown University, USA
R.G. HUBBARD, Columbia University, USA
H. HUIZINGA, Tilburg University, The Netherlands
B.F. INGRAM, University of lowa, USA
S. KIM, Korea University, South Korea
I. KING, University of Melbourne, Australia
S. KOZICKI, Bank of Canada, Canada
W.D. LASTRAPES, University of Georgia, USA
B. LOCKWOOD, University of Warwick, UK
I. MIHOV, INSEAD, Singapore
K. MINO, Osaka University, USA
K. NISHIMURA, Kyoto University, Japan
F. POSTEL-VINAY, Dept. of Economics, University of Bristol, UK
B. RAVIKUMAR, University of Iowa, USA
L. REICHLIN, London Business School, University of London, UK
A.C. SIBERT, Birkbeck College, University of London, UK
C.J. WALLER, University of Notre Dame, USA
C.E. WALSH, University of California-Santa Cruz, USA
P. WANG, Washington University, USA
T. WHITED, University of Rochester, USA
C.K. YIP, The Chinese University of Hong Kong