Concluding Remarks on Part III
The session on a new monetary framework, chaired by Professor Alexandre Lamfalussy for whom I am substituting today, had only one paper, at least formally. This did not make it a thin session since, as Professor Charles Goodhart pointed out, Dornbusch and Frankel’s contribution really amounted to two if not three papers. In fact, we were given a trinity of three times ten points, each of which could have been the subject of one session. Rather than attempt to summarise the paper and animate discussion of each individual point, let me start by stating why the overall message of the paper, to reiterate a point I made in my role as discussant during the session, is a gloomy one.
KeywordsNash Equilibrium Central Bank Capital Movement Nominal Income Contract Curve
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