Abstract
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.
