This book focuses on the rapidly growing research field of imperfect competition, asymmetric information and other market imperfections in a macroeconomic context. It brings together leading researchers from the USA and Europe to examine the implications for macroeconomic policy of imperfections in output, labour and financial markets.

The contributions include state-of-the-art research at the frontier of the discipline, as well as several general surveys and expository chapters which synthesize the large literature. This is the first volume of previously unpublished research papers to focus exclusively on this literature. It should be a valuable resource for graduate students and researchers in macroeconomics.