Brookings Papers on Economic Activity 1:2005

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Contents include: • Is It 1958 or 1968? Three Notes on the Longevity of the Revived Bretton Woods System Michael P. Dooley (University of California, Santa Cruz) and Peter Garber •Asset Returns and Economic Growth Dean Baker (CEPR), J. Bradford DeLong (University of California, Berkeley), and Paul Krugman (Princeton University) • Is the U.S. Current Account Deficit Sustainable? And If Not, How Costly Is Adjusment Likely to Be? Sebastian Edwards (UCLA) • The U.S. Current Account, the Dollar, the Euro, and the Yen Olivier Blanchard and Francesco Giavazzi (MIT) •Global Exchange Rate Adjustments and Global Current Account Imbalances Maury Obstfeld (University of California, Berkeley) and Ken Rogoff (Harvard University)

William C. Brainard is professor of economics at Yale University. George L. Perry is a senior fellow in the Economic Studies program at the Brookings Institution.