An introduction to a new exchange-rate index to measure the foreign-exchange value of the dollar. The authors develop a model of U.S. merchandise trade, featuring the new index.

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 discussion of the costs associated with trade restraint, focusing on devices currently used or recently proposed in the United States.

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.