The Federal Reserve Bank of Richmond presents the full text of an article entitled "The Increasing-Returns-to-Scale/Sticky-Price Approach to Monetary Analysis,"

Peter A. Diamond discusses search equilibrium as a framework for integrating micro and macroeconomics.

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economi

With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 19

The 20th NBER Macroeconomics Annual, covering questions at the cutting edge of macroeconomics that are central to current policy debates.