<DIV><DIV><DIV><P>The distinguished International Seminar on Macroeconomics (ISoM) has met annually in Europe for thirty years. The papers in <I>ISoM 2007 </I>discuss interest setting and central bank transparency; expectations, monetary policy, and traded goods prices; public investment and the golden rule; the role of...</i></p></div></div></div>

<DIV><P>The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including other G7 countries such as Japan and Germany, must collectively run current account surpluses to finance this deficit. How long can...</p></div>