The Centre's second European Summer Symposium in Macroeconomics was held at Roda de Bará, Tarragona during 24/29 May. The programme was organized by Daniel Cohen (Université de Paris, Ecole Normale Supérieure, Paris, and CEPR), Alberto Giovannini (Columbia University, Ministero del Tesoro, Roma, and CEPR), Fernando Restoy, (Banco de España), and Philippe Weil (European Centre for Advanced Research in Economics (ECARE), Université Libre de Bruxelles, and CEPR. The generous hospitality provided by the Banco de España is gratefully acknowledged. The following papers were presented:

`Miracle on Sixth Avenue: Information Externalities and Search', Andrew Caplin (Columbia University) and John Leahy (Harvard University)

'Asset Pricing Implications of Real Market Frictions', Jean-Pierre Danthine (Université de Lausanne and CEPR) and John B Donaldson (Columbia University)

`Macroeconomics and Cointegration', Paul Söderlind (Institute for International Economic Studies, Stockholm) and Anders Vredin (Stockholm School of Economics)

`Stabilization Policy, Learning by Doing, and Economic Growth', Philippe Martin (Graduate Institute of International Studies, Geneva, and CEPR) and Carol Ann Rogers (Georgetown University)

`Convergence Clubs and Diverging Economies', Dan Ben-David (Ben-Gurion University, University of Houston and CEPR)

`Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries', Andrew Bernard (MIT) and Charles I Jones (Stanford University)

`Social Mobility and Redistributive Politics', Thomas Piketty (MIT and CEPR)

`Search in the Labor Market, Incomplete Contracts and Growth', Daron Acemoglu (MIT and CEPR)

`Endogenous Growth and Poverty Traps in a Cournotian Model', Jordi Galí (Columbia University, Universitat Pompeu Fabra (UPF) Barcelona and CEPR) Fabrizio Zilibotti (LSE and UPF)

`A Growth Theory of Fertility', Robert Barro (Harvard University) and Xavier Sala-i-Martin (Yale University, UPF and CEPR)

`Polarization and Inefficient Policies', Christian Schultz (Kobenhaven Universitet)

`Human Capital Distribution, Technological Progress, and Economic Growth', Oded Galor (Brown University) and Daniel Tsiddon (Hebrew University of Jerusalem and CEPR)

`Aggregate and Regional Disaggregate Income Distribution Fluctuations', Danny Quah (LSE and CEPR)

`The Cleansing Effect of Recessions: A Framework for Empirical Analysis', Marco Lippi (Università di Roma, `La Sapienza') and Lucrezia Reichlin (ECARE and CEPR)

`Wage Bargaining in Industries with Market Power', A Jorge Padilla (Centro de Estudios Monetarios y Financieros (CEMFI), Madrid and CEPR), Samuel Bentolila (CEMFI) and Juan J Dolado (CEMFI and CEPR)

`Notes on Generation X', Michael Burda (Humboldt-Universität zu Berlin, INSEAD and CEPR)

`The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Investigation', Fabio Canova (UPF and CEPR), and Gianni De Nicolo (Università di Roma, `La Sapienza')

`Can Exact Log-Linear Growth Models Account for U.S. Growth?', Zvi Eckstein (Tel Aviv and Boston Universities), Costas Foulides (Athens University of Economics and Business) and Tryphon Kollintzas (Athens University of Economics and Business and CEPR)

`Currency Competition and Reputation', Ramon Marimon (UPF and CEPR), Juan Pablo Nicolini (UPF) and Pedro Teles (Universidade Católica Portuguesa and Banco de Portugal)

`Environmental Policy and Economic Growth', Caspar van Ewijk (Universiteit van Amsterdam) and Sweder van Wijnbergen (Universiteit van Amsterdam, LSE and CEPR)

`On the Evolution of Credibility and Exchange Rate Target Zones or Hide and Seek in the Forex Market', Renzo Avesani (Università di Brescia), Giampiero Gallo (Università di Firenze) and Mark Salmon (European University Institute, Firenze, and CEPR)

`Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System', Barry Eichengreen and Andrew Rose (University of California, Berkeley, and CEPR) and Charles Wyplosz (INSEAD and CEPR)

`Tradeoffs Between Population Growth and Income Growth', Assaf Razin (Tel Aviv University and CEPR) and Chi-Wa Yuen (Hong Kong University of Science and Technology)

`Regional Decentralization and the Soft Budget Constraint: The Case of China', Yingyi Qian (Stanford University) and Gérard Roland (ECARE and CEPR)

`Technological Progress, Job Creation and Job Destruction', Christopher Pissarides (LSE)