Review

Michael T. Belongia shows that alternative measures of the dollar’s value offer quite different pictures of its behavior in recent years. Since 1980, for example, the real value of the dollar rose anywhere between 32 percent and 57 percent, depending on the exchange rate measure used.

Keith M. Carlson discusses the nature and extent of the Commerce Department’s recently released revision of the nation’s income and product accounts. The article focuses on the effect of the Department’s revision on nominal GNP, output, and prices.