This book presents the papers, the comments, and summaries of the discussions that the conference started off with the pros and cons of rules for the conduct of monetary and fiscal policy. It provides argument of opponents that rules had failed due to drastic changes in the velocity of circulation.

1. Macroeconomic Issues for Europe in the 1980s: Can the NAIRU Be Tamed? 2. The Case for Rules in the Conduct of Monetary Policy: A Concrete Example 3. Wage Gaps venus Output Gaps: Is There a Common Story for AU of Europe? 4. Labor Market Berriers to More Employment: Causes for an Increase of the Natural Rate? The Case of West Germany 5. Money Supply venus Exchange-Rate Targeting: An Asymmetry between the United States and Other Industrial Economies 6. Macroeconomic Policy Coordination: Where Should We Stand? 7. The Right Combination of Demand and Supply Policies: The Case for a Two-Handed Approach 8. Lessons for Europe