JOURNAL OF MONETARY ECONOMICS

Aims and Scope: The Journal of Monetary Economics publishes important research contributions to a wide range of modern macroeconomic topics including work along empirical, methodological and theoretical lines. In recent years, these topics have been: asset pricing; banking, credit and financial markets; behavioral macroeconomics; business cycle analysis; consumption, labor supply, and saving; dynamic equilibria (theory and computational methods); economic growth and development; expectation formation, information and aggregate economic activity; fiscal shocks and fiscal policies; expectation formation; forecasting, macroeconometrics, and time series analysis; information and aggregate economic activity; international trade, exchange rates, and open economy macroeconomics; labor markets; macroeconomic data and history; monetary policy; monetary theory; money demand and money supply behavior; optimal contracting and economic activity; productivity measurement and theory; pricing in product markets and labor markets; and real investment (inventories, fixed, human capital). The Journal has eight regular issues per year, with the Carnegie-Rochester Conference Series on Public Policy as the January and July issues.

Founding Editors: KARL BRUNNER and CHARLES I. PLOSSER

Editor: ROBERT G. KING, Department of Economics, Boston University, 270 Bay State Road, Boston, MA 02215, USA.

Co-Editors: Urban Jermann, University of Pennsylvania; Ricardo Reis, Columbia University.

Senior Associate Editors: MARIANNE BAXTER, Boston University; SERGIO REBELO, Northwestern University;

STEPHEN WILLIAMSON, University of Washington.

Associate Editors: KLAUS ADAM, University of Mannheim; GEORGE ALESSANDRIA, Research department of Federal Reserve

Bank, Philadelphia; YONGSUNG CHANG, University of Rochester; MARIO CRUCINI, Vanderbilt University; HUBERTO ENNIS,

Federal Reserve Bank of Richmond; KRISTOPHER GERARDI, Federal Reserve Bank of Atlanta; FRANCOIS GOURIO, Boston

University; REFET GURKAYNAK, Bilkent University, Turkey; JONATHAN HEATHCOTE, Federal Reserve Bank of Minneapolis;

ERIK HURST, University of Chicago; RICARDO LAGOS, New York University; EDWARD NELSON, Federal Reserve Board;

GIORGIO PRIMICERI, Northwestern University; ESTEBAN ROSSI-HANSBERG, Princeton University; PIERRE-DANIEL SARTE, Federal Reserve Bank of Richmond; FRANK SCHORFHEIDE, University of Pennsylvania; CHRISTOPHER SLEET,

Carnegie-Mellon University; SILVANA TENREYRO, London School of Economics; ANTONELLA TRIGARI, Università Bocconi;

ADRIEN VERDELHAN, Massachusetts Institute of Technology; ALEXANDER WOLMAN, Federal Reserve Bank of Richmond; JONATHAN WRIGHT, Johns Hopkins University, Baltimore.

CRNC Editors: THOMAS F. COOLEY, New York University; MARVIN GOODFRIEND, Carnegie Mellon University.

CRNC Advisory Board: ANDREW ABEL, University of Pennsylvania; MARK AGUIAR, Princeton University; MARK BILS,

University of Rochester; YONGSUNG CHANG, University of Rochester; HAROLD COLE, University of Pennsylvania;

RONALD W. HANSEN, University of Rochester; BURTON HOLLIFIELD, Carnegie Mellon University; BENNETT T. McCALLUM,

Carnegie Mellon University; THOMAS PHILIPPON, New York University; CHARLES I. PLOSSER, Federal Reserve Bank

of Philadelphia; CHRISTOPHER SLEET, Carnegie Mellon University; LINDA TESAR, University of Michigan; GIANLUCA VIOLANTE, New York University; TONI WHITED, University of Rochester; AMIR YARON, University of Pennsylvania;

SEVIN YELTEKIN, Carnegie Mellon University; STANLEY E. ZIN, New York University.

Submission fee: There is a submission fee of US$250 for all unsolicited manuscripts submitted for publication. There is a reduced fee for full-time students (US$150). To encourage quicker response referees will be paid a nominal fee and the submission fee will be used to cover these refereeing expenses. Cheques should be made payable to the Journal of Monetary Economics. When a paper is accepted the fee will be reimbursed.

Publication information: Journal of Monetary Economics (ISSN 0304-3932). For 2013, volume 60 (8 issues) are scheduled for publication. Subscription prices are available upon request from the Publisher or from the Elsevier Customer Service Department nearest you or from this journal’s website (http://www.elsevier.com/locate/jme). Further information is available on this journal and other Elsevier products through Elsevier’s website (http://www.elsevier.com). Subscriptions are accepted on a prepaid basis only and are entered on a calendar year basis. Issues are sent by standard mail (surface within Europe, air delivery outside Europe). Priority rates are available upon request. Claims for missing issues should be made within six months of the date of dispatch.

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