Preface. Introduction. 1. Notes on the development of the international macroeconomic model; R. Mundell. Part I: Past Models, Men and Institutions. 2. The two monetary approaches to the balance of payments: Keynesian and Johnsonian; J.J. Polak. Discussant; Y. Plessner. 3. Long-term fluctuations of real exchange rates with emphasis on those caused by inflation; P. Bernholz. Discussant. 4. Why white, not keynes? Inventing the post-war international monetary system; J.M. Boughton. Discussant; D.E. Moggridge. 5. Struggling with the impossible: sterling, the balance of payments and British economic policy, 1949-72; R. Middleton. Discussant; D. Laidler. 6. the Adam Klug memorial lecture: Haberler versus Nurkse: the case for floating exchange rates as an alternative to Bretton woods/; M.D. Bordo, H. James. Discussant; P.B. Kenen. Part II: Present The State of the Models. 7. Optimum currency areas and key currencies; R. McKinnon. Discussant; P.B. Kenen. 8. Designing EU-US Atlantic monetary relations: the impact of exchange rate variability on labor markets on both sides of the Atlantic; A. Belke, et al. Discussant; J. Aizenman. 9. The open economy macromodel: interactions between theoretical developments and real-world behavior; M.v.N. Whitman. Discussant; M.J. Flanders. Part III: Future Alternate Models and Institutional Structures. 10. Asset prices, the real exchange rate, and unemployment in a small open economy: a medium-run structuralist perspective; H.T. Hoon, E.S. Phelps. Discussant; E. Brezis. 11. Do we need a reform of the international monetary institutions after the Asian crises? Some preliminary suggestions using constitutional economics; F. Schneidler. Discussant; B. Bental. 12. The architecture and future of the international monetary system; D. Salvatore. Discussant; M.v.N. Whitman. Index.
The impetus for the conference that was the basis for this volume emanated from the influence of two brilliant minds-Egon Sohmen and Adam Klug, who both died at an early age, leaving their families and the professions of economics and economic history with major voids. In the course of research on the origins of Open Economy Macroeconomics, the significant contributions of Egon Sohmen came to the fore. After correspondence with some of those involved in the early development of the Open Economy Macromodel, we turned to Adam Klug for his views on the matter-as he had dealt with the history of intertemporal trade models in his Ph. D. thesis. And it was Adam who suggested the idea of a conference bringing together economists and economic historians. At this point we want to acknowledge the very generous grant from the Egon Sohmen Foundation and the active participation of Dr. Helmut Sohmen and Mrs. Renee Sohmen at the conference. We also want to thank Prof. Sir Aaron Klug, Nobel Laureate, and the Klug family for their support and the financial contribution of the Adam Klug Memorial Lecture Fund at Ben Gurion University. Other institutions that contributed to the conference were the Gianni Foundation; Bank of Israel; University of North Carolina; Department of Economics, Faculty of Social Science and Aharon Meir Center for Banking, Bar Ilan University; Department of Economics and Faculty of Social Science, Ben-Gurion University of the Negev.