Advances in business cycle research

Recent Books in Macroeconomics* Advances in Business Cycle Research. Pierre-Yves Henin, ed. New York, NY: Springer-Verlag, 1995. 412 pp. NPA ISBN 3-540-59229-6. This volume features papers on augmented real business cycle models that were presented at annual meetings of the European Association or Econometric Society (ESEM). The papers cover three areas of the research program: a presentation and critical evaluation of the real business cycles approach; recent methods for empirical research; and advances beyond the real business cycle framework regarding non Walrasian elements, contracts and nominal rigidities, unemployment and growth. Contributors include Jean-Olivier Hairault, Xavier Fairise, Fran~ios Langot, Franck Portier, Fr6d6rique Bec, Catherine Bruno, Fabrice Collard, Patrick F~ve and PierreYves Henin. American Economic Policy in the 1980s. Martin Feldstein, ed. Chicago, II: The University of Chicago Press, 1995. 840 pp. $35.00 ISBN 0-22624096-7. American Economic Policy in the 1980s gives a comprehensive review of the economic reforms of the Reagan era. The book begins with a personal essay by Martin Feldstein in which he recounts his chairmanship of the Council of Economic Advisors during the Reagan administration. He discusses his involvement with monetary and exchange rate policy, tax policy and budget issues. The book continues with eleven scholarly background studies of domestic and international policies of the 1980s by leading economists and policymakers. Topics include monetary and exchange rate policy regulation and antitrust, and trade, tax and budget policies. Martin Feldstein is the George F. Baker Professor of Economics at Harvard University and president and chief executive officer of the National Bureau of Economic Research. The Bank of England: Money, Power & Influence 1694-1994. Richard Roberts & David Kynaston, eds. New York, NY: Oxford University Press, 1995. 315 pp. $35.00 ISBN 0-19-828952-9. A distinguished group of historians and economists examines the role of the Bank of England during its 300-year history. The essays evolved from the London School of Economics's conference marking the Banks's tercentenary in July 1994. Among the major themes discussed are the Bank's relationship with government, its effect on England's economy, its role in the *PleasementiontheJournal of Macroecouomics 1996,Vol. 18, No. 2, whenorderingfrom publisher. Journal of Macroeconomics, Spring1996, Vol. 18, No. 2, pp. 373-377 Copyright© 1996by I~uisianaState UniversityPress 0164-0704/96/$1.50

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