NBER Macroeconomics Annual 1986, Volume 1

This is the first issue of a new Annual from the National Bureau of Economic Research. The Annual is designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics. Macroeconomics is becoming increasingly sophisticated and, at the same time, increasingly remote from current issues. As the profession loses touch with these issues, however, both it and economic policy suffer. Macroeconomics divorced from policy lacks vitality, and policy loses from the lack of serious, objective analysis.