This is the eleventh volume in a series of annuals from the National Bureau of Economic Research that are designed to present, extend, and apply frontier work in macroeconomics, and to encourage and stimulate work by macroeconomists on current policy issues. These contributions offer a good sample of the current issues and exciting research directions in macroeconomics.Contents : Credit, Business Investment, and Output Fluctuations in Japan, Nobuhiro Kiyotaki and Kenneth D. West. Causes and Consequences of Imperfections in the Consumer Price Index, Matthew D. Shapiro and David Wilcox. A Scorecard for Indexed Government Debt, John Y. Campbell and Robert J. Shiller. Technology Improvements and Productivity Slowdowns: Another Crazy Explanation, Andreas Hornstein and Per Krusell. Are Currency Crises Self-Fulfilling?, Paul Krugman. Inequity and Growth, Roland Benabou.