Foreword

THOMAS M. HOENIG
President, Federal Reserve Bank of Kansas City

The Contributors

Symposium Summary

Opening Remarks
ALAN GREENSPAN
Chairman, Board of Governors of the Federal Reserve System

Why Are Central Banks Pursuing Long-Run Price Stability?
STANLEY FISCHER
First Deputy Managing Director, International Monetary Fund

Commentary
LAWRENCE SUMMERS
Deputy Secretary, U.S. Department of the Treasury

General Discussion

How Should Central Banks Reduce Inflation? - Conceptual Issues
MERVYN KING
Chief Economist and Executive Director, Bank of England

Commentary
RUDIGER DORNBUSCH
Professor, Massachusetts Institute of Technology

Commentary
BENNETT T. McCALLUM
Professor, Carnegie-Mellon University

General Discussion

How Have Central Banks Reduced Inflation? - Practical Issues

Reducing Inflation in New Zealand: Some Practical Issues
DONALD T. BRASH
Governor, Reserve Bank of New Zealand

Israel's Experience With Inflation
JACOB FRENKEL
Governor, Bank of Israel

Disinflation in the Czech Republic: Looking Both Backward and Forward
JOSEF TOSOVSKY
Governor, Czech National Bank

General Discussion

Lessons From the Stabilization Process in Argentina
DOMINGO CAVALLO
Former Minister of Economy and Public Works, Republic of Argentina

General Discussion

How Should Monetary Policy Respond to Shocks While Maintaining Long-Run Price Stability? - Conceptual Issues
JOHN B. TAYLOR
Professor, Stanford University

Commentary
DAVID W. MULLINS, JR.
Principal, Long-Term Capital Management, L.P.

Commentary
LARS E.O. SVENSSON
Professor, Institute for International Economic Studies

General Discussion


What Operating Procedures Should Be Adopted To Maintain Price Stability? - Practical Issues
CHARLES FREEDMAN
Deputy Governor, Bank of Canada

Commentary
OTMAR ISSING
Member of the Directorate, Deutsche Bundesbank

Commentary
DONALD L. KOHN
Director, Division of Monetary Affairs, Board of Governors of the Federal Reserve System

General Discussion



Overview Panelists

ANDREW CROCKETT
General Manager, Bank for International Settlements

MARTIN FELDSTEIN
President, National Bureau of Economic Research

JEAN-CLAUDE TRICHET
Governor, Bank of France

General Discussion

The Participants