Comments and Discussion

Each of the four papers in this symposium is extremely
convincing on many points. But they differ on the central issue, whether
we should return to fixed exchange rates-or their judicious equivalent,
target zones for exchange rates. My comments will be directed to
uncovering and evaluating the judgments that lead the authors to their
different conclusions. I conclude in agreement with the Branson-Dornbusch
team, though not for identical reasons, that target zones are not a
good idea.