Acknowledgements Introduction John Y. Campbell 1. Measuring the Macroeconomic Risks Posed by Asset Price Booms Stephen G. Cecchetti Comment: Andrew Levin Discussion Summary 2. Expectations, Asset Prices, and Monetary Policy: The Role of Learning Simon Gilchrist and Masashi Saito Discussion Summary 3. Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints Tommaso Monacelli Comment : Hanno Lustig Discussion Summary 4. Inflation Illusion, Credit, and Asset Prices Monika Piazzesi an Martin Schneider Comment : Markus K. Brunnermeier Discussion Summary 5.

Learning, Macroeconomic Dynamics, and the Term Structure of Interest Rates Hans Dewachter and Marco Lyrio Comment : Jordi Galí 6. Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections Glenn D. Rudebusch and John C. Williams Comment : Marvin Goodfriend Discussion Summary 7. The Effect of Monetary Policy on Real Commodity Prices Jeffrey A. Frankel Comment : Lars E.O. Svensson Discussion Summary 8.

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices Roberto Rigobon and Brian Sack Comment : Leonardo Bartolini Discussion Summary 9. Is Bad News about Inflation Good News for the Exchange Rate? And, If So, Can That Tell Us Anything about the Conduct of Monetary Policy? Richard H. Clarida and Daniel Waldman Comment : Charles Engel Discussion Summary Remarks Donald L. Kohn Laurence H. Meyer William C. Dudley Discussion Summary Contributors Author Index Subject Index.