Brookings Papers on Economic Activity (BPEA) provides academic and business economists, government officials, and members of the financial and business communities with timely research on current economic issues.

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Contents:

Editors' Summary (Full Text)

Heeding Daedalus: Optimal Inflation and the Zero Lower Bound (Abstract)
By John C. Williams (Federal Reserve Bank of San Francisco)

The Age of Reason: Financial Decisions over the Life Cycle and Implications for Regulation (Abstract)
By Sumit Agarwal (Federal Reserve Bank of Chicago), John C. Driscoll (Board of Governors of the Federal Reserve System), Xavier Gabaix (New York University), and David Laibson (Harvard University)

Interpreting the Unconventional U.S. Monetary Policy of 2007-09 (Abstract)
By Ricardo Reis (Columbia University)

By How Much Does GDP Rise If the Government Buys More Output? (Abstract)
By Robert E. Hall (Stanford University)

When the North Last Headed South: Revisting the 1930s (Abstract)
By Carmen M. Reinhart (University of Maryland) and Vincent R. Reinhart (American Enterprise Institute)

ISSN 007-2303