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The important connection between financial processes and the macroeconomic environment has been revealed in some of today′s most inventive economic analysis. Areas of current interest include stock market rationality, expectations and the term structure of interest rates, financial market volatility, and the business cycles debate. This new series will provide a context for continuing research that not only unites financial and macroeconomics, but ramifies into the constituent fields themselves. Professors Summers and Merton share editorial responsibility for the series as a whole, while lending individual attention to their respective special areas.
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