Two workshops took place in January under the auspices of CEPR's research programme on `Macroeconomics, Politics and Growth in Europe', supported by a grant from the Commission of the European Communities under its Human Capital and Mobility programme. The first, on `Finance and Macroeconomics', was organized by Jean-Pierre Danthine, Professor of Economics at the Université de Lausanne, Marco Pagano, Professor of Economics at Università Bocconi, Milano, and Philippe Weil, Co-Director of the European Centre for Advanced Research in Economics, Université Libre de Bruxelles, all Research Fellows in CEPR's International Macroeconomics Programme. It took place at Champoussin, 14/16 January. The following papers were presented:

`Capital Markets, Financial Intermediaries, and the Supply of Liquidity in a Dynamic Economy', Paolo Fulghieri (Columbia University) and Riccardo Rovelli (Università di Cagliari and Innocenzo Gasparini Institute for Economic Research, Milan)

`Credit Cycles', Nobuhiro Kiyotaki (University of Minnesota) and John Moore (LSE)

`Aggregate Income Risks and Hedging Mechanisms', Robert Shiller (Yale University)

`Banking and Development', Oren Sussman (Hebrew University of Jerusalem) and Joseph Zeira (Hebrew University of Jerusalem and CEPR)

`Financial Intermediation and the Real Sector', Bengt Holmström (Yale University) and Jean Tirole (Université des Sciences Sociales, Toulouse, and CEPR)

`Explaining Investment Dynamics in U.S. Manufacturing: A Generalized (S, s) Approach', Ricardo Caballero (MIT) and Eduardo Engel (Harvard University and Universidad de Chile)

The second, on `Growth', was organized by Daniel Cohen, Professor of Economics at the Ecole Nationale Supérieure, Paris, and the Université de Paris I, and Co-Director of CEPR's International Macroeconomics programme, and took place at Les Arcs on 28/30 January. The following papers were presented:

`International R&D Spillovers', David Coe (IMF) and Elhanan Helpman (Tel Aviv University and CEPR)

`Growth and the Structure of Knowledge', Philippe Aghion (Nuffield College, Oxford, and CEPR) and Peter Howitt (University of Western Ontario)

`Environment and Economic Growth', Casper van Ewijk (Universiteit van Amsterdam) and Sweder van Wijnbergen (Universiteit van Amsterdam and CEPR)

`Uneven Technical Progress and Job Destructions', Daniel Cohen (Université de Paris I, Ecole Nationale Supérieure, Paris, and CEPR) and Gilles Saint-Paul (Département et Laboratoire d'Economie Théorique et Appliquée, Paris, and CEPR)

`The Bayesian Foundations of Learning by Doing', Boyan Jovanovic and Yaw Nyarko (New York University)

`Distribution, Redistribution, and Capital Accumulation', Per Krusell and José Víctor Ríos-Rull (University of Pennsylvania)

`The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience', Alwyn Young (MIT)

`Some Evidence on the Links between Aggregate Income and Human Capital', Casey Mulligan (University of Chicago) and Xavier Sala-i-Martin (Yale University and CEPR)