This paper examines the adequacy of data on current accounts and international indebtedness as measures of the need for policy adjustments and coordination. Doubts about the adequacy of these data have been raised by the growth of the global current account discrepancy and the statistical...

This paper describes the construction and use of a small macroeconomic model, MINIMOD, of the United States and its major industrial trading partners. The goal is to have a readily understandable and transparent model of manageable size that is suitable for policy analysis. Consequently, an...

The paper addresses the problem of establishing monetary control in financial systems with insolvent institutions. In particular, it examines the potential adverse selection, moral hazard, and collusion problems that can arise if indirect, auction-based monetary control systems are used in this...