In July 1999, the CEP held a second meeting of policymakers and thinkers to examine in greater detail aspects of the international financial architecture and proposals for its reform. This Special Report includes revised versions of the main papers presented, including those from Peter Kenen,...

Empirical work on exchange-rate behavior under a target-zone regime has used data produced by the European Monetary System (ENS) and has found that the data contradict important predictions made by the standard target-zone model. We argue that the contradictions reflect a misinterpretation of...