I didn't think you could place a PSD in PM ...well for Mac anyhow.
Maybe try another file type, EPS or Tiff, or double check file in PS...actual pixel size and print size.
You''ve got the margins to contend with too in PM.
High resolution (over 800dpi) PostScript imagesetter
Use EPS for vector graphics. Use TIFF for bitmap graphics. These file formats support precision output for text and graphics at high resolutions.
Process-color separations
Use EPS for vector graphics. Use CMYK TIFF or DCS EPS for color bitmaps, and TIFF for grayscale bitmaps. These file formats support high-resolution output devices and consistent CMYK color.
High-fidelity-color separations
Use Lab TIFF or Raw RGB for color bitmaps. These file formats preserve the largest possible color gamut.
Portable Document Format (PDF)
Use any compatible file format. An EPS or TIFF graphic is likely to print most consistently. (If final output is the screen, which is low resolution, you can avoid high-resolution graphics.)
Low-resolution PostScript printer
Use any compatible file format. An EPS or TIFF graphic is likely to print most consistently.
Non-PostScript printer
Use any compatible file format and avoid graphic effects that require a PostScript printer.
HTML document
Use JPEG or GIF graphics. PageMaker can also export other graphics as JPEG or GIF images when you export. See Exporting a graphic in a different format for details.
Graphics file formats you can place in PageMaker
Graphics file format (Filename extension)
Adobe Illustrator (native)
CGM graphics (.CGM)
Desktop Color Separation (.DCS)
Dynamic Exchange Format (.DXF)
Encapsulated PostScript (.EPS)
Graphics Environment Manager (.GEM)
Graphics Interchange Format (.GIF)
Joint Photographics Expert Group (JPEG) (.JPG)
Kodak Photo CD (.PCD)
Lotus Graphics PIC (.PIC)
Macintosh Picture (PICT) (.PCT)
MacPaint (.PNT)
PC Paintbrush (.PCX)
QuickTime movie (specified frame only)
Scitex Continuous Tone (.SCT)
Table Editor 2.1 (.TBL)
Tagged Image File Format (TIFF) (.TIF)
Windows Bitmap (.BMP)
Windows Metafile (.WMF)
Windows Enhanced Metafile (.EMF)