We recommend a Bretton Woods system along structural lines. A key component of the case is the substitution of the money transmission mechanism by the credit transmission mechanism. We suggest that the real exchange rate be the variable of cooperation between countries that are free to set...

We propose a simple framework within which to examine the problem of policy coordination between two central banks. The context is the various components of a broad measure of the money supply. Consider two central banks, one'monetarist' and the other 'Keynesian'. In each economy there is...