Preface

Acknowledgments

1. Introduction

Mario I. Blejer

Leonardo Leiderman

Assaf Razin

2. Contributions of Robert A. Mundell

A Theory of Optimum Currency Areas (1961)

Updating the Agenda for Monetary Union

3. Policy Forum: Fixed Versus Floating Exchange Rates: What's New in the Debate?

William R. White

Jacob A. Frenkel

Richard Portes

Manuel Guitian

Assaf Razin

4. New Developments

The Endogeneity of the Optimum Currency Area Criteria

Jeffrey A. Frankel

Andrew K. Rose

Openness and the Cost of Fixing Exchange Rates in a Mundell-Fleming World

Daniel Gros

Alfred Steinherr

Exchange Market Pressure and Exchange Rate Management: Perspectives from the Theory of Optimum Currency Areas

Tamim Bayoumi

Barry Eichengreen

EMU: Ins, Outs, and the Macroeconomic Effects of Alternative Monetary Policy Rules

Thomas Krueger

Douglas Laxton

Assaf Razin

The Credibility Problem, EMU, and Swedish Monetary Policy

Alex Cukierman

Two Concepts of Money, and the Future of Europe

C.A.E. Goodhart

Debt-Creating Versus Nondebt-Creating Fiscal Stabilization Policies: Ricardian Equivalence, Fiscal Stabilization, and EMU

Tamim Bayoumi

Paul R. Masson

Monetary Union Without Fiscal Coordination May Discipline Policy Makers

Roel M. W. J. Beetsma

A. Lans Bovenberg

International Risk Sharing and European Monetary Unification

Bent E. Sorenson

Oved Yosha

Out in the Sunshine? Outsiders, Insiders, and the United States in 1998

Fabio Ghironi

Francesco Giavazzi

Participants