AXEL LEIJONHUFVUD is Professor Emeritus of the University of California at Los Angeles and is Professor of Monetary Economics at the University of Trento, Italy. His books include On Keynesian Economics and the Economics of Keynes, Information and Coordination, (with Daniel Heymann) High Inflation and Macroeconomic Instability and Coordination: Selected Essays.

• The International Economic Association Acknowledgements Notes on the Contributors List of Abbreviations and Acronyms Introduction; A.Leijonhufvud PART I: CENTRAL BANKING EXPERIENCE Putting Central Banks in Their Place; J.Crow Monetary Theory as a Basis for Monetary Policy: Reflections of a Central Banker; O.Issing Comment; L.Pasinetti Comment; L.Spaventa Monetary Policy and Economic Performance: The Recent Experience of the United States and Japan; K.Shigehara What Have Monetary Economists Done for Central Bankers?; P.Pou PART II: THE 'MODUS OPERANDI' OF MONETARY POLICY Inflation and/or Exchange Rate Targets for Monetary Policy?; N.Thygesen Comment; R.Tamborini The Choice of a Monetary Policy Reaction Function in a Simple Optimizing Model; D.Henderson & J.Kim Comment; L.Bonatti Comment; F.Farina PART III: MONETARY REGIMES The New Political Economy of Central Banking; S.Eijffinger Comment; C.Bianchi Comment; M.Nabli A Return to the Convertability Principle? Monetary and Fiscal Regimes in Historical Perspective: the International Evidence; M.Bordo & L.Jonung Comment; G.Fodor Money and the Sovereignty of the State; R.Mundell Comment; D.Heymann Index of Names Subject Index