· Highlights of this issue

· The Missing Link - by Colin Mayer

The following conferences were discussed in this issue:

· Italian Public Debt - Why Worry

· Macro Policy - Target Practice

· Global Macroeconomics - North-South Interactions

· Employers' Strategies - A Comparative Perspective

The following lunchtime Meetings were discussed in this issue:

· Financial Stability - New Threats

· Corporate Takeovers - Cash Will Do Nicely

· Sterling and the EMS - In for a Penny

· The 'North-South' Divide - Grass Must be Made Greener

· Technology Policy - Spread the word

· Nominal Income Targets - Suffering from shocks

The following CEPR Books can be ordered:

· Economic Policy 5 - The Conservative revolution in Economic Policy

· Economic Policy and Technological Performance by Partha Dasgupta and Paul Stoneman

The following Discussion Papers were discussed in this issue:

· An Intertemporal Version of Mundell's Two-Country Flexible Exchange Rates Model with Disequilibrium Microfoundations: Is Policy Interdependence Inevitable? by Neil Rankin

· A Quarterly Model of the Labour Market in Interwar Britain by Timothy J Hatton

· Forward Exchange Rates and Expected Future Spot Rates by Christian C P Wolff

· Exchange Rates, Innovations and Forecasting by Christian C P Wolff

· Forward Foreign Exchange Rates, Expected Spot Rates, and Premia: A Signal-Extraction Approach by Christian C P Wolff

· International Policy Cooperation and Model Uncertainty by Gerald Holtham and Andrew J Hughes Hallett

· The Effects of Housing Distortions on Unemployment by Patrick Minford, Paul Ashton and M Peel

· Government Deficits and Speculation by Seppo Honkapohja and Urho Lempinen

· Hegemonic Stability Theories of the International Monetary System by Barry Eichengreen

· Juvenile Unemployment in Interwar Britain: The Emergence of a Problem by Barry Eichengreen

· Exchange Rate Protection and Exchange Rate Conflict by Christopher J Bliss and Vijay Joshi

· Cooperation, Harassment, and Involuntary Unemployment: An Insider-Outsider Approach by Assar Lindbeck and Dennis J Snower

· Economic Burden or Benefit? A Positive View of Old Age by Pat Thane

· International Cooperation and Reputation in an Empirical Two-Bloc Model by David Currie, Paul Levine and Nic Vidalis

· On the Effectiveness of Discrete Devaluation in Balance of Payments Adjustments by Louka T Katseli

· Means of Payment in Takeovers: Results for the UK and US by Colin P Mayer, Julian Franks and R Harris

· Policy Interdependence: Does Strategic Behaviour Pay? An Empirical Investigation Using the Liverpool World Model by Matthew B Canzoneri and Patrick Minford