1. Editor's statement

   EditorialNotes Pages: 1 - 2

2. The open economy

   • Lawrence R. Klein

   OriginalPaper Pages: 3 - 16

3. The exchange rate and the trade balance

   • Ronald I. McKinnon

   OriginalPaper Pages: 17 - 37

4. Uncertainty and the choice of instruments in a two-country monetary-policy game

   • Dale W. Henderson
   • Ning Zhu

   OriginalPaper Pages: 39 - 65

5. German dominance in the EMS

   • Michele Fratianni
   • Juergen von Hagen

   OriginalPaper Pages: 67 - 87

6. World oil prices and O.E.C.D. trade balance

   • Dominick Salvatore
   • Greg Winczewski

   OriginalPaper Pages: 89 - 106