This is the eighth in a series of annuals from the National Bureau of Economic Research that are 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. Contents U.S. Commercial Banking: Trends, Cycles, and Policy , John Boyd and Mark Gertler * The Effects of Government Purchases: Theory and Evidence , Anton Braun and Ellen McGrattan * Macroeconomic Growth with Microeconomic Empirics , Ricardo Caballero and Adam Jaffe * The Chinese and East European Routes to Reform , Alan Gelb, Gary Jefferson, and Inderjit Singh * Waiting and the Option to Invest: Theory and Evidence , Robert Pindyck and Andres Solimano * Unemployment in Europe , Gilles Saint Paul
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