Introduction / Ralph C. Bryant [and others] -- The theory and practice of international policy coordination : does coordination pay? / David A. Currie, Gerald Holtham, and Andrew Hughes Hallett. Comments / Vito Tanzi and Jeffrey A. Frankel -- Domestic and cross-border consequences of U.S. macroeconomic policies / Ralph C. Bryant, John F. Helliwell, and Peter Hooper. Comments / Haruhiko Kuroda and David Begg -- Policy analysis with a multicountry model / John B. Taylor. Comments / Manfred J.M. Neumann and Ralph Tryon -- Implications of policy rules for the world economy / Warwick J. McKibbin and Jeffrey D. Sachs. Comments / Patrick Minford and David A. Currie.

Simulating the effects of some simple coordinated versus uncoordinated policy rules / Jacob A. Frenkel, Morris Goldstein, and Paul R. Masson. Comments / Jeffrey R. Shafer and Stanley Fischer -- The stabilizing properties of target zones / Marcus Miller, Paul Weller, and John Williamson. Comments / Michael Mussa and James M. Boughton -- The exchange rate question in Europe / Francesco Giavazzi. Comments / William H. Branson and Mario Draghi -- The European Monetary Union : an agnostic evaluation / Daniel Cohen and Charles Wyplosz. Comments / Massimo Russo and Alberto Giovanni -- The role of international institutions in surveillance and policy coordination / Andrew Crockett. Comments / Sylvia Ostry and Jacques J. Polak.

Macroeconomic interactions between the North and South / David Vines and Anton Muscatelli. Comments / Michael P. Dooley and Pierre Defraigne.