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

An argument that for countries with well-developed money markets and flexible exchange rates, there is little to be gained from holding a vast foreign exchange portfolio and intervening in the world's currency markets.

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.