A must-read analysis for anyone tracking the federal budget deficit, exchange rate policy, and tax reform, where AEI economist John H. Makin unpacks the tangled relationship between US fiscal policy and monetary policy, offering essential insight into trade balances, international policy coordination, and the countercyclical tools, from the investment tax credit to the Gramm-Rudman-Hollings Act, shaping America's role in an increasingly interdependent world economy.