Contents

Democratic Change in the Arab World, Past and Present Eric Chaney (Harvard University)
Disentangling the Channels of the 2007-2009 Recession James Stock (Harvard University) and Mark Watson (Princeton University)
Macroeconomic Effects of FOMC Forward Guidance Jeffrey Campbell, Charles Evans, Jonas Fisher, and Alejandro Justiniano (Federal Reserve Bank of Chicago)
Is the Debt Overhang Holding Back Consumption? Karen Dynan (Brookings Institution)
The Euro's Three Crises Jay Shambaugh (Georgetown University)
Fiscal Policy in a Depressed Economy J. Bradford DeLong (University of California-Berkeley) and Lawrence Summers (Harvard University )