An illustration of the cost and employment effects of Japanese voluntary export restraints on new-car imports to the U.S.

A discussion of the institutional aspects of U.S. exchange-market intervention, from the decision to intervene to investment of the proceeds, focusing on the interactions between the U.S. Treasury and the Federal Reserve System.

A review of three channels through which central bank intervention could alter exchange rates, concluding that sterilized intervention is a very limited policy tool.

A review of recent literature on central-bank intervention in exchange markets, finding some qualified support for the power of intervention to influence market expectations, but finding little evidence to support the interventionist policy the G-3 countries have conducted in recent years.

A challenge to the commonly held belief that aggregate U.S. fiscal policy measures, especially the federal budget deficit, bear a simple and direct causal relationship with U.S. interest rates, exchange rates, and the trade balance, concluding that fiscal policies can--but need not--cause trade...

A nontechnical survey of research undertaken during the last decade on international macroeconomic policy coordination that clarifies the sophisticated mathematics inherent in these studies.

Brazil is walking on a fence between sustainable and unsustainable public-debt dynamics. How it treads could affect not only its own economic prosperity but that of its neighbors, emerging markets in general, and U.S. financial institutions in particular. Relatively small improvements in...

An examination of the possible impact on U.S. consumers and producers of placing an across-the-board tariff surcharge on imported goods.

An essay contending that a central bank interested in maintaining price stability gains little from exchange-market intervention, particularly when it acts jointly with fiscal authorities.