This volume contains chapters on a range of topics which include economic methodology in macroeconomics, central bank independence, policy signalling, public policy as second best analysis, the determinants of economic growth, a continuum approach to unemployment policy, and pensions. The volume dispels the notion that these are largely unrelated issues and illustrates the merger process which is taking place between hitherto rather separate economic sub-disciplines. They move the focus of attention and challenge received wisdom.

A comprehensive overview of current research in the field of trade, payments and debt. Grossman and Helpman provide a non-technical review of the literature on technological deteminants of trade. Thisse and Fujita discuss current work on the spatial configuration of economic activities. Robert Findlay tracks world trade from 1000 to 1750, while Robert Baldwin surveys the impact of international trading alliances. In his Presidential paper, the World Bank Vice-President Michael Bruno looks at the pattern of debt crises and economic recovery. The sustainability of external debt in Africa is examined by Daniel Cohen. Alberto Giovannini's argues the case for flexible exchange rates.

This volume contains chapters on a range of topics which include economic methodology in macroeconomics, central bank independence, policy signalling, public policy as second best analysis, the determinants of economic growth, a continuum approach to unemployment policy, and pensions. The volume dispels the notion that these are largely unrelated issues and illustrates the merger process which is taking place between hitherto rather separate economic sub-disciplines. They move the focus of attention and challenge received wisdom.