This paper first surveys a number of partial and macroeconomic approaches to the determination of the current account, and then summarizes the evidence from multicountry economic models about the linkages between U.S. government spending and the U.S. current account during the 1 980s. The...

Evidence from three multicountry models is used to assess the current account effects of U.S. and Japanese fiscal policies. Asymmetries in the effects of U.S. and Japanese policies are analyzed in some detail, and attributed to differences in country size, in trade patterns (which have only a...

The paper first attempts to demonstrate the fundamental importance of the social context. The related evidence is drawn from recent theoretical and empirical advances in the study of subjective well-being. Treating people's self-assessments of the quality of their lives as valid measures of...