Editorial
Daron Acemoglu and Michael Woodford
Abstracts

1 On Graduation from Default, Inflation, and Banking Crises: Elusive or Illusion?
Rong Qian, Carmen M. Reinhart, and Kenneth Rogoff

Comments
Mark Aguiar
Alan M. Taylor

Discussion

2 What Fiscal Policy Is Effective at Zero Interest Rates?
Gauti B. Eggertsson

Comments
Lawrence J. Christiano
Lee E. Ohanian

Discussion

3 Two Monetary Tools: Interest Rates and Haircuts
Adam Ashcraft, Nicolae Gaˆrleanu, and Lasse Heje Pedersen

Comments
Tobias Adrian and Erkko Etula
Michael Woodford

Discussion

4 Technology Diffusion and Postwar Growth
Diego Comin and Bart Hobijn

Comments
Chang-Tai Hsieh
James A. Robinson

Discussion

5 In Search of Real Rigidities
Gita Gopinath and Oleg Itskhoki

Comments
Mikhail Golosov
Virgiliu Midrigan

Discussion

6 Oil, Automobiles, and the U.S. Economy: How Much Have Things Really Changed?
Valerie A. Ramey and Daniel J. Vine

Comments
Jordi Galí
Ariel Pakes

Discussion

7 Macroeconomic Lessons from the Great Deviation
John B. Taylor