THE FINANCIAL ACCELERATOR AND THE FLIGHT TO QUALITY

The articles in this symposium cover some of the most active areas of research in macroeconomics. By design, each article is structured to p resent both a theoretical framework and empirical evidence. Through th is structure, the articles synthesize recent developments, present new results, and provide guidance on avenues for further research. Earlie r versions of these papers were presented at the Economic Fluctuations research meeting of the National Bureau of Economic Research on Octob er 22 and 23, 1993. All papers were subject to the peer referee proces s that is standard at the Review of Economics and Statistics. The Revi ew gratefully acknowledges the efforts of Professor Russell Cooper of Boston University and Professor Steven Durlauf of the University of Wi sconsin (Madison), who volunteered their services to work as special c o-editors for this symposium, with the assistance of the chair of the board of editors of the Review, James Stock.