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Spring 2008 Papers in this edition encompass a range of topics central to macroeconomics and economic policy: the relationship between economic growth and people’s subjective well-being; the effect of international trade on wages; the appropriate role of policies designed to strengthen local economies; macroeconomic crises and asset pricing; the impact of political constraints on the success of economic policy reform; and the behavior of financial markets during the approach of world wars.

Articles Fall 2006 All three papers in this issue explore various aspects of the Chinese economy.The ten papers in this issue respond admirably to this request, offering provocative views about business cycle dynamics, inflation and unemployment, monetary and fiscal policy, financial markets, international capital flows, earnings inequality, time allocation, and the effect of energy shocks.Spring 2007 The five papers in this issue span a range of domestic and global issues of current importance.The second undertakes a thorough analysis of small businesses and of their owners’ motivations, showing that, contrary to conventional wisdom, these businesses do not drive either employment growth or innovation.The third finds that the extensions in the duration of unemployment insurance benefits enacted in response to the recent recession are contributing only a very small amount to unemployment. The fourth paper analyzes the various channels through which quantitative easing affects interest rates.

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