Leading international economists explore one crucial issue in the design of a target zone system: the problem of calculating Williamson's concept of the fundamental equilibrium exchange rate (FEER). Williamson, a fellow at the Institute for International Economics, contributes an overview of the policy and analytic issues and a chapter on his own calculations. Other contributors discuss the conceptual and empirical issues involved in their approaches to the problem. Annotation copyright Book News, Inc. Portland, Or.
