A Framework for Monetary Stability

Preface. Part A: Opening speech: To Cut or not to Cut Interest Rates: Some Remarks on the ERM; W.F. Duisenberg. Speech by D. Mullins Jr. Session I: The Final Objective of Monetary Policy. Formal Targets for Inflation Reduction: the Canadian Experience; C. Freedman. Comment by J. Driffill. The Costs and Benefits of Disinflation; S. Fischer. Comment by J.L. Malo de Molina. Session II: The Position of the Central Bank. Commitment through Delegation, Political Influence and Central Bank Independence; A. Cukierman. Central Bank Autonomy: Policy; J.O. de Beaufort Wijnholds, L. Hoogduin. Comments by E. Bomhoff, J.M. Neumann. Session III: The Design of Monetary Policy. Intermediate Targets versus Information Variables as Operating Guides for Monetary Policy; B.M. Friedman. Comment by A. Lamfalussy. Monetary Policy Strategy in the EMU; O. Issing. Comment by P. de Grauwe. Part B: Session IV: The Application of Monetary Policy. Rules versus Discretion in Monetary Policy; A.D. Crockett. Comment by J.J. Sijben. The Role of Monetary Policy in IMF Programs; M. Guitián. Comment by H. Jager. Session V: Monetary Policy and Exchange Rates. Italy's Experience within and without the European Monetary System: a Preliminary Appraisal; M. De Cecco, F. Giavazzi. Comment by G. Baer. Monetary Policy and Exchange Rates: the French Experience; A. Icard. Comment by R. Bryant. Session VI: Monetary Policy in Eastern European and Latin America. Can Russia control Inflation? R. Layard. Comment by O. Havrylyshyn.Stabilization and Monetary Reform in Latin America; R. Dornbusch. Comment by G. Ortiz. General Report; S. Eijffinger.