Special Issues: 2006
Macroeconomies in the Twenty-First Century
The past twenty to thirty years have been a particularly paradoxical time for research in macroeconomics. Significant breakthroughs in theoretical modeling and econometric techniques have enabled researchers to investigate macro behavior in more varied and exacting ways than ever before. Yet at the same time, macroeconomists seem to be moving progressively away from a general consensus regarding appropriate theoretical paradigms and models as well as proper standards for assessing empirical evidence. We seem to be more uncertain than ever about the significant forces that determine output, inflation, employment, interest rates, and exchange rates and about how these forces jointly interact with one another in the macroeconomy.
Part of this concern most likely stems from events that have influenced the economies of both developed and developing countries. As an incomplete list, examples include the following:
- The switch from monetary aggregates to interest rate targets by the FOMC in the US.
- The “new economy” and the productivity surge in the US.
- Financial innovation, including the liberalization of banking laws.
- The formation of the European Union and adoption of the Euro currency.
- NAFTA and other free trade agreements.
- Increased globalization.
- The emergence of “newcomers” in the group of high growth industrialized economies, such as South Korea and China.
As we proceed, questions remain. What have we learned from these and other events about both the domestic and international macroeconomy? Which macroeconomic paradigms and models still apply? Which need to be adapted, and how? Which need to be rejected?
The Journal of Economics and Business will publish a special issue in 2006 dealing with these questions. The range of possible topics is broad. Studies can focus on the determination of output, the price level, employment, interest rates, exchange rates, or other key macroeconomic variables, from either a domestic or international perspective. The special issue seeks to emphasize what we have learned about macroeconomic behavior up to this point in time, and what we can take forward as the twenty-first century unfolds.
The coeditors of the special issue are Donald Dutkowsky of Syracuse
University and David VanHoose of Baylor University. Authors should submit
four copies of their paper to: Donald Dutkowsky and David VanHoose, Special
Issue Coeditors, Journal of Economics and Business, Fox School of Business
and Management, Temple University, Philadelphia, PA 19122. Papers may
also be submitted electronically in either pdf or Word format to the
Journal's e-mail address: jeconbus@temple.edu All
papers will be refereed and there is no submission fee. The deadline
for submission is July 1, 2005.