notice, is given to the source. Modern Macroeconomics in Practice: How Theory is Shaping Policy

comments and to Kathy Rolfe and Joan Gieseke for excellent editorial assistance. Both authors thank the NSF for support. The views expressed herein are those of the authors and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research