The CEPR European Summer Symposium in Macroeconomics, hosted by the Banco de España, was held in Tarragona during 28 May/1 June. The programme was organized by Daniel Cohen, Professor of Economics at the Ecole Normale Supérieure, Paris, and Université de Paris I and Co-Director of CEPR's International Macroeconomics programme, and Philippe Weil, Director of the European Centre for Advanced Research in Economics (ECARE), Université Libre de Bruxelles, and Research Fellow in CEPR's International Macroeconomics programme. Financial support was provided by the European Science Foundation as part of its programme of European Research Conferences. The following papers were presented:

`Inflation and Growth: Applications of an Integrated Approach', Michael Bruno (Hebrew University of Jerusalem and CEPR)

`Heterogeneity, Stratification and Growth', Roland Bénabou (MIT and CEPR)

`Uniqueness and Indeterminacy: Transitional Dynamics in a Model of Endogenous Growth', Jess Benhabib and Roberto Perli (New York University)

`Endogenous Growth and Intermediation in an Archipelago Economy', Fabrizio Zilibotti (LSE)

`Sources and Propagation of International Business Cycles: Common Shocks or Transmission?', Fabio Canova (European University Institute, Firenze, and CEPR)

`The Implications of Diffusion of Technical Change for the Characteristics of Trends and Cycles in the Big 7', Lucrezia Reichlin (Observatoire Français des Conjonctures Economiques, Paris, and CEPR)

`On the Management of Innovation', Philippe Aghion (EBRD and CEPR) and Jean Tirole (Université des Sciences Sociales, Toulouse, and CEPR)

`Population Growth and Technological Change: One Million BC to 1990', Michael Kremer (University of Chicago)

`Designing Institutions for Monetary Stability', Torsten Persson (Institute for International Economic Studies, Stockholm, and CEPR) and Guido Tabellini (Università di Brescia, Innocenzo Gasparini Institute for Economic Research, Milan, and CEPR)

`The Political Economy of Separatism', Gérard Roland (Université Libre de Bruxelles and CEPR)

`The Interactions Between International Migration and International Trade', Assaf Razin (Tel Aviv University and CEPR)

`Immigration, Human Capital and Growth in the Host Country', Juan Dolado (Banco de España and CEPR) Alessandra Goria (Fondazione Eni Enrico Mattei, Milano) and Andrea Ichino (Fondazione Eni Enrico Mattei and Innocenzo Gasparini Institute for Economic Research, Milan)
`Factor Shares in OLG Models of Growth', Giuseppe Bertola (Princeton University and CEPR)

`Gross Labor Market Flows in Europe', Michael Burda and Charles Wyplosz (INSEAD and CEPR)

`Dependence in Growth and Fluctuations Across Economies with Mobile Capital', Danny Quah (LSE and CEPR)

`Two Notes on Economic Growth and the Solow Model', Daniel Cohen (Ecole Normale Supérieure, Paris, Université de Paris I and CEPR)

`Real Interest Rates and Monetary Integration in Europe', Matthew Canzoneri (Georgetown University and CEPR) and Harris Dellas (University of Maryland)

`Exchange Rates, Target Zones and International Trade: The Importance of the Policymaking Framework', Axel Weber (Universität Gesamthochschule Siegen and CEPR)

`The Dynamics of Inflation in Fixed Exchange Rate Regimes', Sérgio Rebelo (Banco de Portugal, Universidade Católica Portuguesa and CEPR)

`Consumption-based and Market-based Asset Pricing Models Reconsidered', Fernando Restoy (Banco de España) and Philippe Weil (Université Libre de Bruxelles and CEPR)

`Are Industrial-Country Consumption Risks Globally Diversified?', Maurice Obstfeld (University of California, Berkeley, and CEPR)

`Two-sector Models of Endogenous Growth', Robert J Barro (Harvard University) and Xavier Sala-i-Martin (Yale University and CEPR)

`The Rise and Fall of Elites: Economic Development and Social Polarization in Rent-Seeking Societies', Thierry Verdier (Département et Laboratoire d'Economie Théorique et Appliquée, Paris, and CEPR) and Alberto Ades (Harvard University)

`Financial Intermediation and the Optimal Tax System', Ramon Caminal (Institut d'Anàlisi Econòmica, Universitat Autònoma de Barcelona)

`Global versus Country-Specific Productivity Shocks and the Current Account', Kenneth Rogoff (Princeton University) and Reuven Glick (Federal Reserve Bank of San Francisco)

`Business as Usual, Market Crashes and Wisdom After the Fact', Andrew Caplin (Columbia University) and John Leahy (Harvard University)