The criteria of the theory of optimum currency areas suggest that many (most?) countries are not good candidates for either of the poles of genuinely fixed exchange rates or freely floating exchange rates. Thus many countries should have an interest in intermediate exchange rate regimes....

Donald Walker has provided us with a three-volume collection of work drawn from the literature of the past half-century intended to illustrate the variations over that period in the form and substance of the economist's concept of "equilibrium" and, in so doing, to complement the well-known...