Editor’s Introduction to JPE Macro

Welcome to the inaugural issue of the Journal of Political Economy Macroeconomics (JPE Macro). JPE Macro, which is published by the University of Chicago Press and is closely tied to the Journal of Political Economy, publishes pathbreaking work that is of relevance to macroeconomics. As you will see from the papers in this and future issues, “macroeconomics” is interpreted in an extremely broad sense. This includes topics related to the traditional macroeconomic areas of growth, fluctuations, and distribution as well as issues that connect and interact with topics from monetary economics, labor economics, international trade, finance, industrial organization, political economy, public finance, and development economics. I would like to thank the amazing set of editors of JPE Macro: Cristina Arellano, Anmol Bhandari, Ariel Burstein, Chris Tonetti, and Joe Vavra. Thanks to their hard work and the outstanding efforts of dozens of anonymous referees, we have assembled a truly outstanding collection of papers in the pages that follow. In addition to publishing and disseminating important and innovative research in macroeconomics, the establishment of JPE Macro provides an opportunity to contribute to the economic profession in several ways. First, the journal is committed to improving efficiency in the refereeing and publication process in economics. This is achieved in part through our integration with the Journal of Political Economy, which allows us to avoid unnecessary duplication of refereeing time. It is also achieved