JACQUES DRÈZE CORE, Catholic University of Louvain, BelgiumJEAN-PAUL FITOUSSI Institut d'Études Politiques de Paris, FranceJEAN-LUC GAFFARD University of Nice Sophia-Antipolis, FranceJEAN-MICHEL GRANDMONT CREST, Centre National de la Recherche Scientifique, Paris, FranceSEPPO HONKAPOHJA University of Helsinki, FinlandLARS JONUNG Stockholm School of Economics, SwedenDAVID LAIDLER University of Western Ontario, CanadaROBERT LUCAS University of Chicago, USARAMON MARIMON European University Institute, Florence, ItalyJACQUES MÉLITZ Centre de Recherche en Economie et Statistique, Paris, FranceHERACLES POLEMARCHAKIS Catholic University of Louvain, BelgiumPIER LUIGI SACCO University of Bologna, ItalyHANS-WERNER SINN University of München, GermanyERICH STREISSLER Institut für Wirtschaftwissenschaft, Universität, AustriaJUAN URRUTIA Universidad Carlos III, Madrid, SpainALBERT WOJNILOWER The Clipper Group, New York, USA

• The International Economic Association Acknowledgements Notes on the Contributors List of Abbreviations and Acronyms Introduction; A.Leijonhufvud Monetary Theory and Central Banking; A.Leijonhufvud Comment; J.Mélitz PART I: INTERTEMPORAL EQUILIBRIUM Intertemporal General Equilibrium Theory and Monetary Policy; J.Drèze & H.Polemarchakis Comment; J.M.Grandmont Comment; J.Urrutia The Fiscalist Approach to Monetary Theory; R.Marimon Comment; S.Honkapohja Inflation and Welfare; R.Lucas Comment; D.Laidler Comment; H.W.Sinn PART II: MONETARY AND FINANCIAL INSTABILITY Business Cycles in a Financially Deregulated America; A.Wojnilower Comment; L.Jonung Learning About Trends: Spending and Credit Fluctuations in Open Economies; D.Heymann, M.Kaufman & P.Sanguinetti Comment; P.L.Sacco Comment; J.L.Gaffard Monetary Policy and the Macroeconomics of 'Soft' Growth; J.P.Fitoussi Comment; E.Streissler Index of Names Subject Index

JACQUES DRÈZE CORE, Catholic University of Louvain, BelgiumJEAN-PAUL FITOUSSI Institut d'Études Politiques de Paris, FranceJEAN-LUC GAFFARD University of Nice Sophia-Antipolis, FranceJEAN-MICHEL GRANDMONT CREST, Centre National de la Recherche Scientifique, Paris, FranceSEPPO HONKAPOHJA University of Helsinki, FinlandLARS JONUNG Stockholm School of Economics, SwedenDAVID LAIDLER University of Western Ontario, CanadaROBERT LUCAS University of Chicago, USARAMON MARIMON European University Institute, Florence, ItalyJACQUES MÉLITZ Centre de Recherche en Economie et Statistique, Paris, FranceHERACLES POLEMARCHAKIS Catholic University of Louvain, BelgiumPIER LUIGI SACCO University of Bologna, ItalyHANS-WERNER SINN University of München, GermanyERICH STREISSLER Institut für Wirtschaftwissenschaft, Universität, AustriaJUAN URRUTIA Universidad Carlos III, Madrid, SpainALBERT WOJNILOWER The Clipper Group, New York, USA

• The International Economic Association Acknowledgements Notes on the Contributors List of Abbreviations and Acronyms Introduction; A.Leijonhufvud Monetary Theory and Central Banking; A.Leijonhufvud Comment; J.Mélitz PART I: INTERTEMPORAL EQUILIBRIUM Intertemporal General Equilibrium Theory and Monetary Policy; J.Drèze & H.Polemarchakis Comment; J.M.Grandmont Comment; J.Urrutia The Fiscalist Approach to Monetary Theory; R.Marimon Comment; S.Honkapohja Inflation and Welfare; R.Lucas Comment; D.Laidler Comment; H.W.Sinn PART II: MONETARY AND FINANCIAL INSTABILITY Business Cycles in a Financially Deregulated America; A.Wojnilower Comment; L.Jonung Learning About Trends: Spending and Credit Fluctuations in Open Economies; D.Heymann, M.Kaufman & P.Sanguinetti Comment; P.L.Sacco Comment; J.L.Gaffard Monetary Policy and the Macroeconomics of 'Soft' Growth; J.P.Fitoussi Comment; E.Streissler Index of Names Subject Index

JACQUES DRÈZE CORE, Catholic University of Louvain, BelgiumJEAN-PAUL FITOUSSI Institut d'Études Politiques de Paris, FranceJEAN-LUC GAFFARD University of Nice Sophia-Antipolis, FranceJEAN-MICHEL GRANDMONT CREST, Centre National de la Recherche Scientifique, Paris, FranceSEPPO HONKAPOHJA University of Helsinki, FinlandLARS JONUNG Stockholm School of Economics, SwedenDAVID LAIDLER University of Western Ontario, CanadaROBERT LUCAS University of Chicago, USARAMON MARIMON European University Institute, Florence, ItalyJACQUES MÉLITZ Centre de Recherche en Economie et Statistique, Paris, FranceHERACLES POLEMARCHAKIS Catholic University of Louvain, BelgiumPIER LUIGI SACCO University of Bologna, ItalyHANS-WERNER SINN University of München, GermanyERICH STREISSLER Institut für Wirtschaftwissenschaft, Universität, AustriaJUAN URRUTIA Universidad Carlos III, Madrid, SpainALBERT WOJNILOWER The Clipper Group, New York, USA

• The International Economic Association Acknowledgements Notes on the Contributors List of Abbreviations and Acronyms Introduction; A.Leijonhufvud Monetary Theory and Central Banking; A.Leijonhufvud Comment; J.Mélitz PART I: INTERTEMPORAL EQUILIBRIUM Intertemporal General Equilibrium Theory and Monetary Policy; J.Drèze & H.Polemarchakis Comment; J.M.Grandmont Comment; J.Urrutia The Fiscalist Approach to Monetary Theory; R.Marimon Comment; S.Honkapohja Inflation and Welfare; R.Lucas Comment; D.Laidler Comment; H.W.Sinn PART II: MONETARY AND FINANCIAL INSTABILITY Business Cycles in a Financially Deregulated America; A.Wojnilower Comment; L.Jonung Learning About Trends: Spending and Credit Fluctuations in Open Economies; D.Heymann, M.Kaufman & P.Sanguinetti Comment; P.L.Sacco Comment; J.L.Gaffard Monetary Policy and the Macroeconomics of 'Soft' Growth; J.P.Fitoussi Comment; E.Streissler Index of Names Subject Index