International Adjustment And Financing: The Lessons Of 1985-1991

From what must have been a lively conference built around some solid papers on the international adjustments of the American, German and Japanese economies in the late 1980s, several leading economists draw conclusions about which lines of analysis have stood up. For example, Stephen Marris explains why there was no "hard landing," such as he predicted; Paul Krugman says that exchange rates have worked as mainstream economists said they would; Peter Kenen suggests that there has been too much refinement of models instead of letting data suggest new ideas.