Preface; List of contributors; 1. Introduction Ryuzo Sato and John A. Rizzo; Part I. Reaganomic Repercussions: 2. The good, the bad, and the unexpected: lessons from American economic policy Barry P. Bosworth; 3. Macroeconomic policy during the Reagan years: 1981–1985 Herbert Stein; 4. Repercussions of grand experiments in US economic policy Roger E. Brinner; Part II. Is there Life Beyond the Trade Imbalance?: 5. US economic prospects and policy options: impact on Japan-US relations Paul A. Samuelson; 6. Major microeconomic adjustments ahead Lester C. Thurow; Part III. Japan's Response: 7. The US-Japan trade imbalance: causes and consequences from the Japanese perspective Ryuzo Sato and John A. Rizzo; Index.