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	JOURNAL OF MACROECONOMICS ISSN: 0164-0704 Editorial Board Editors: Douglas McMillin Department of Economics, E.J. Ourso College of Business, Louisiana State University, CEBA 2113, Baton Rouge, LA, 70803-6306, USA, Tel: +1-225-578-6646, Fax: +1-225-578-3807, Email: jmacro@lsu.edu Theodore Palivos Department of Economics, University of Macedonia, 156 Egnatia Street, GR-540 06 Thessalonica, Greece., Email: TPALIVOS@UOM.GR Chris Papageorgiou Research Department, International Monetary Fund, Washington, DC 20431, USA, Tel: +1-202-623-7503, Fax: +1-202-589-7503, Email: cpapageorgiou@imf.org Editorial Board: T.M. Andersen University of Aarhus, Denmark B. Bernanke Board of Governors, Federal Reserve System, Washington, USA J. Caballe Universitat Autonoma de Barcelonja, Barcelona, Spain S. Chakraborty University of Oregon, Eugene OR, USA B.C. Daniel State University of New York at Albany, USA M.B. Devereux University of British Columbia, Vancouver, BC, Canada M.S. Eichenbaum Northwestern University, USA T. Eicher University of Washington, USA J.S. Fackler University of Kentucky, USA M.S. Feldstein Harvard University and NBER, USA M.R. Garfinkel University of California, Irvine, USA J.C. Haltiwanger University of Maryland, USA P.W. Howitt Brown University, USA R.G. Hubbard Columbia University, USA H. Huizinga Tilburg University, Tilburg, The Netherlands B.F. Ingram University of Iowa, USA S. Kim Korea University, Seoul, Korea I. King University of Melbourne, Melbourne, Australia S. Kozicki Bank of Canada, Ottawa, Ontario, Canada W.D. Lastrapes University of Georgia, USA B. Lockwood University of Warwick, Coventry, UK I. Mihov INSEAD, Singapore K. Mino Osaka University, Osaka, Japan K. Nishimura Kyoto University, Kyoto, Japan F. Postel-Vinay INRA Paris-Jourdan, Paris, France B. Ravikumar University of Iowa, Iowa City, USA L. Reichlin Free University, Brussels P.A. Samuelson Massachusetts Institute of Technology, USA A.C. Sibert Birbeck College, University of London, UK C.J. Waller University of Notre Dame, Notre Dame, IN, USA C.E. Walsh University of California-Santa Cruz, USA P. Wang Washington University, St. Louis, MO, Missouri, USA T. Whited University of Wisconsin, Madison, WI, USA C.K. Yip The Chinese University of Hong Kong