An argument that for countries with well-developed money markets and flexible exchange rates, there is little to be gained from holding a vast foreign exchange portfolio and intervening in the world's currency markets.

An examination of the detrimental effects of inflation and a recommendation that policymakers should immediately resist a further acceleration of inflation, rather than wait for more signals of its future course.

An analysis of the determination of foreign investment in U.S. financial markets and suggestions for reducing dependence on foreign savings inflow.

An analysis of the possible effects of dollar depreciation on prices and inflation, on the balance of trade, and on real gross national product.

A repudiation of three common beliefs about foreign direct investment in the United States: that it is the result of the current-account deficit, that it is initiated primarily by the Japanese, and that it will result in the loss of U.S. economic independence.

A consideration of whether differences between U.S. and Japanese business practices have led the Japanese to focus on longer-run goals than we do.

A comparison of the reliability of the Commerce Department's capital spending survey with that of several alternative forecasts.

A discussion of the reasons for the shift in U.S. coal production to western states, with data on production (1970-81) and consumption (1970- 80) by region, plus an examination of the nation's coal production outlook.

An examination of public policy issues related to the growth of interstate banking, such as its potential effects on concentration, competition, and soundness in the banking industry.

An estimation of the costs and benefits that dollar depreciation imposes through changes in the prices of imports and exports, and through changes in the potential purchasing power of U.S. international assets and liabilities.