In this innovative new book Ghosh and Masson re-examine the theoretical and empirical case for international macroeconomic policy coordination. In doing so they emphasize the importance of macroeconomic uncertainty in determining both the benefits from, and the obstacles to, such coordination. Written for students and professionals working in the fields of open economy macroeconomics and international relations, the book provides a comprehensive study of international policy cooperation, including the problems of negotiating and sustaining international agreements.