Knowledge that Transforms

Editor's Note Our policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write to us or the publisher concerning the book. An Index of Authors of New Books appearing in the Annotated Listings will appear at the end of the General Index in the December issue.

Our policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write to us or the publisher concerning the book. An Index of Authors of New Books appearing in the Annotated Listings will appear at the end of the General Index in the December issue.

The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL, JEL on CD, EconLit, and www.e-JEL.org . New changes to the classification system appear as soon as possible on www.econlit.org . The JEL classification system may be used freely for scholarly purposes. We suggest the following format: “JEL: A10, B10, etc.”

The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL and EconLit. The list details the full three-digit classifications used to index journal articles in JEL on CD, EconLit, and e-JEL on www.e-JEL.org . The Annotated Listing of New Books printed in this issue uses the bold face one- and two-digit classifications; the Book Reviews in each issue and the Doctoral Dissertations List printed in December appear under the one-digit classification headings. Please note that books, book reviews, and dissertations are indexed in EconLit using the full three-digit classifications. Those who classify papers or dissertations should choose the most appropriate three-digit classification. New changes to the classification system appear as soon as possible on www.AEAweb.org .

Editor's Note Our policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write to us or the publisher concerning the book. An Index of Authors of New Books appearing in the Annotated Listings will appear at the end of the General Index in the December issue.

Editor's Note Our policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write to us or the publisher concerning the book. An Index of Authors of New Books appearing in the Annotated Listings will appear at the end of the General Index in the December issue.

The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL, JEL on CD, EconLit, and www.e-JEL.org . New changes to the classification system appear as soon as possible on www.econlit.org . The JEL classification system may be used freely for scholarly purposes. We suggest the following format: “JEL: A10, B10, etc.”

The categories listed below are used to classify books, book reviews, journal articles, and dissertations indexed in JEL, JEL on CD, EconLit, and www.e-JEL.org . New changes to the classification system appear as soon as possible on www.econlit.org . The JEL classification system may be used freely for scholarly purposes. We suggest the following format: “JEL: A10, B10, etc.”

Peter Isard's recent book (Globalization and the International Financial System: What's Wrong and What Can be Done?, Cambridge University Press, 2005) provides a thoughtful and balanced review of the scholarly literature on the past operation and potential reform of the international monetary and financial system. The author's approach, from which much can be learned, is to draw lessons from the history of exchange rates and capital flows and, especially, from the financial crises of the 1990s. But this retrospective focus is also revealing of what is new and different about our current international monetary and financial environment and in the ongoing debate surrounding the future of its steward, the International Monetary Fund.

Editor's Note The Journal of Economic Literature (JEL) regularly reviews books of interest to the economics profession. The Economic Report of the President (ERP) falls under that purview. I have asked a handful of very prominent economists to review the 2006 ERP. Reviewers were chosen to reflect expertise on what I guessed would be key issues. The ERP in principle should provide an accurate assessment of the consensus professional views of economists on any given issue, based on the research to date. Reviewers were asked to evaluate whether the discussion in the ERP in fact accurately summarizes what we as economists know? Reviewers were given free rein over what material they would review in the ERP but were urged to focus on their areas of particular expertise. In the reviews that follow, Martin Feldstein reviews the overview chapter as well as topics relating to macroeconomics. Alan Auerbach reviews the ERP's discussion of tax-related issues, while Ken Rogoff reviews the ERP's discussion of international economic topics. Rebecca Blank writes on labor market issues in the ERP, and Michael Katz reviews the ERP's discussion of health care issues. Many thanks to the reviewers for the quick turnaround.