The topic of this paper has been inspired by something of particular interest to Michael Mussa, something to which he made major and important contributions while at the IMF. The biannual World Economic Outlook, published since the 1980s under the auspices of the Research Department, has, as its...

This paper surveys the increasing international use of sanctions over the past century. Sanctions are a form of action taken by one state or by collective action to influence another state to change its behavior, as a substitute for welfare. They generally involve restrictions on foreign trade,...