This is the seventh in a series of annuals from the National Bureau of Economic Research that are designed to stimulate research on problems in applied economics, to bring frontier theoretical developments to a wider audience, and to accelerate the interaction between analytical and empirical research in macroeconomics. Olivier Blanchard and Stanley Fischer are both Professors of Economics at the Massachusetts Institute of Technology. Contents: "What Shall We Do Today? Goals and Signposts in the Operation of Monetary "Policy, Ben S. Bernanke and Frederic S. Mishkin. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore, "Alwyn Young. "International Trade and the Wage Structure, "Steven J. Davis. "Imperfect Information and Macroeconomic Analysis, "Joseph E. Stiglitz and Bruce Greenwald. "Asset Pricing Lessons for Macroeconomics, "Lars P. Hansen and John H. Cochrane. "Postmortem on the Debt Crisis, "Daniel Cohen.