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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. Contents include: What Shall We Do Today? Goals and Signposts in the Operation of Monetary Policy by Ben S. Bernanke and Frederic S. Mishkin; A Tale of Two Factor Accumulation and Technical Change in Hong Kong and Singapore by Alwyn Young; International Trade and the Wage Structure by Steven J. Davis; Imperfect Information and Macroeconomic Analysis by Joseph E. Stiglitz and Bruce Greenwald; Asset Pricing Lessons for Macroeconomics by Lars P. Hansen and John H. Cochrane; and Postmortem on the Debt Crisis by Daniel Cohen.