Monetary Reform and the Bellagio Group

General Introduction: Monetary Reform and the Bellagio Group in a Broad Historical Context Editorial Principles Select Bibliography Volume 1: Fritz Machlup Introduction to Fritz Machlup: Contributions through History The Gold Standard, the Transfer Problem and Europe after WWI, 1930-40 'The Critics of the Goldstandard' (1930s); 'Gold as a Factor in International Peace' (n.d.); '$ without ' (1930s); 'Credit Control Speech' (1930s); 'The Theory of Interest' (1930s); 'What are the Right Foreign Exchange Rates?' (1930s); 'The Transfer Discussion in the Light of Recent Experience' (1935); 'Up-Hill Race: Leading and Trailing Nations in the World Recovery' ([c.1936]); 'Austria as the Pawn of Europe' (1936); 'The Stock Exchange as a Gauge of Credit Policy and a Regulator of Investment' (1937); 'Our Buried Gold', KGO Radio talk (1940) Restoring American Prosperity After WWII and the Theory of Foreign Exchange, 1945-8 'Financing American Prosperity' (1945); 'The Effects of Government Spending on Employment' (1945); 'Some Aspects of Full Employment Policy', typescript and correspondence with J J Gonzales-Gorrondona (1947); 'What's Best for the Competitive Enterprise System?', panel participation, Economic Institute on Delivered Pricing and the Future of American Business, Chamber of Commerce of the United States, Washington, DC (1948) Balance of Payments, International Trade and Economic Development, 1949-56 'Three Concepts of the Balance of Payments', International Monetary Fund Seminar, Washington, DC (1949); 'The Elasticity Argument for Foreign Exchange Restrictions', remarks, International Trade Meeting, Econometric Society (1949); ' Replies by Economists ' in Monetary Policy and the Management of the Public Debt', United States Congress, Joint Committee on the Economic Report, Subcommittee on General Credit Control and Debt Management (1952); 'Problems of Exchange Rates and Convertibility' (1954); 'Paradoxes in Economic Development' (1955); 'The Finance of Development in Poor Countries: Foreign Capital and Domestic Inflation', Economic Studies Quarterly (Kikan Riron Keizaigaku) (1956); 'Comment on E M Bernstein's Strategic Factors in Balance of Payments Adjustments (1956) Reform of the International Monetary System, 1962-9 'Proposals for Reform of the International Monetary System', in Factors Affecting the United States Balance of Payments (1962); 'Hypothetical Projections and Hypothetical Projects', in The United States Balance of Payments (1963); 'Central Bank Policy: Foreign and Domestic Assets', research material, typescript, and comments by E J Kane (1963); 'The Reasons for Divergent Prescriptions for the International Monetary System' (1964); 'International Aspects', conference paper (1965); 'The Fascination of Gold: Comment on the Article Gold by Zay Jeffries' (1965); 'The Creation of Foreign Reserves', Columbia University, New York City (1965); 'Reform of the International Monetary System', European Forum Alpbach (1966); 'Creating International Money', Atlanta, Georgia (1966); 'The Efficiency of Partial Devaluations of the Dollar', Cleveland, Ohio (1967); 'International Monetary Reform: Present Positions and the Chances for Agreement' (1967); 'Current Policy Regarding the Balance of Payments', statement, Board of Governors, Federal Reserve System (1968); 'International Monetary Arrangements: Weighing Priorities and Alternatives' (1968); Notes on Flexible Exchange Rates, Claremont, California (1969); 'The Forward-Exchange Market: Misunderstanding between Practitioners and Economists' (1969) From SDRs to Managed Floating, 1970-81 'World Inflation', conference paper, Les Politiques de Stabilisation dans des Economies Interdependantes (1971); 'The Expanded Role of SDRs and the Possibilities of an SDR Standard' (1972); 'The Dollar Fix, the Dollar Flex, and the Gold Boom' (1973); 'Recent Experiences with Floating Currencies' (1973); 'Speech on the Gold Standard' (1974); 'A Point of View on the Latest IMF Agreement. Back at Square One', New York Times (1975); Statement on the IMF Gold Agreement, United States Congress, Joint Economic Committee, Subcommittee on International Economics (1975); 'Commentary: The Outlook for the Dollar and Other International Assets' (1980) Editorial Notes Volume 2: Robert Triffin Introduction: The Life and Work of Robert Triffin Economic Conditions in Europe After WWII, Exchange Controls and Economic Stability 'Economic and Financial Assistance to Belgium'; 'The Future of Central Banking'; Memo to Governor Szymezak regarding Baron Boel's Memorandum and Article'; 'Postwar Reform of Central Banking'; 'The Unresolved Problem of Financing European Trade'; 'Practical Problem of Exchange Rates: Comments'; 'Developments in the Volume of Money and Credit in France'; 'Simultaneous Exchange Readjustments and Elimination of Controls'; 'Institutional Developments in the Intra-European Monetary System'; 'Success Underground'; 'Political Crises Delay Monetary Reconstruction in Europe'; 'An Irreverent Note on the Dimensions and Intractability of the European Dollar Gap' Monetary Reconstruction and the European Payments Union 'Multilateralization of European Payment Agreements among Fund Members', with transmittal note to IMF Executive Board'; 'The OEEC Plan for the Financing of Intra-European Payments, with Note on Triffin's Paper by E M Bernstein and J V Mladek'; 'Meetings of the Working Party on Multilateral Compensation'; Outline of Proposed Intra-European Payments Plan 1949-50'; 'Letter to the Executive Board'; 'Concrete Alternative Suggestions for the Working Out of the 1949-50 Payments Plan'; 'Remarks on a Trade Policy of ECA '; 'Deadlock in the 1949-50 Intra-European Payments Plan'; 'Failure of Intra-European Payments Negotiations'; 'Resumption of Payments Committee Meetings'; 'Agreement of Principle on 1949-50 Intra-European Payments'; 'Current Discussions in the Intra-European Payments Committee'; Letter to John Hulley, European Cooperation Administration (ECA) regarding Convertibility and Transferability of Currencies within Europe; 'Draft Memorandum on Intra-European Currency Transferability and Liberalization of Trade'; 'Council of Europe - Committee on Economic Questions'; 'First List of Points for Discussion'; 'Draft of Planned Memo on Issues of IMF, ECA and OEEC Cooperation'; 'Secret' (to Henry Tasca); 'Stages of Economic Unification'; 'Pre-EPU Proposals to IMF, Major Papers'; 'The Belgian Compromise'; 'Comments on Mr Friedman's Memorandum of December 27, 1949 on the ECA'; 'Proposals for a European Clearing Union'; ' Illustrative Impact of UK Proposed Amendments with relation to Swing and Fractional Gold Payments'; 'Cripp's Statement'; 'Overby's Report to the IMF on the European Clearing Union'; 'EPU Handling of Conditional Aid and Drawing Rights'; 'Effect of Full Sterling Offsets'; 'Discussion of New Joint EPU Plan by Belgium, France, Italy and the Netherlands'; 'New Continental Proposals to UK on EPU'; 'The Position of Sterling in EPU'; 'Informal Meeting on EPU held April 26, 1950'; 'Informal Meeting on EPU held April 28, 1950'; 'Notes of Commercial Policy' From the CEE to Unit of Account to Free Trade Area and Jean Monnet 'Action Committee for United States of Europe'; 'Resume de conclusions'; 'Memorandum on the European Community Institute for University Studies'; 'The Dollar and the Monetary System of the West' Balance of Payments, Trade and the Liquidity Debate 'The Real Threat to the Dollar'; 'Oral Statement to the Joint Economic Committee of Congress'; 'The Gold Shortage, the Dollar Glut and the Future of Convertibility'; 'The Crisis of the Dollar-Exchange Standard'; 'The International Monetary Position of the United States'; 'The Twilight of the Gold Standard and the World Dollar Crisis'; 'Our Participation in the van Lennep Working Group'; 'Proposals for a Program of International Cooperation through OECD'; 'Adjustment Policies'; 'The International Monetary Crisis'; 'The Contribution of Regional Monetary Integration to Worldwide Monetary Reform' Editorial Notes Volume 3: William Fellner Introduction to William Fellner and the Intersection of Macro and Microeconomics Balance of Payments and Limited Exchange Rate Flexibility, 1966-73 Foreword and chapter 1 in Maintaining and Restoring Balance in International Payments (1966); 'Rules of the Game, Vintage 1966', chapter 2 in Maintaining and Restoring the Balance of International Payments (1966); 'On Limited Exchange Rate Flexibility', chapter 5 in Maintaining and Restoring the Balance of International Payments (1966); 'Specific Proposal for Limited Exchange-Rate Flexibility', Fellner's contribution to Approaches to Greater Exchange Rate Flexibility; The Burgenstock Papers (1970); 'A Realistic Note on Threefold Limited Flexibility of Exchange Rates', draft of paper to be included in Approaches to Greater Exchange Rate Flexibility; The Burgenstock Papers (1970); 'Controlled Floating and the Confused Issue of Money Illusion', draft of paper intended for Banca Nazionale del Lavoro Quarterly Review (1973) Inflation, Employment and Taxation, 1974-7 'Revisiting the Austrian Time Periods with Current Tax Policy in Mind' (1975); ' Monetary versus Monetarist Theories' (1974); 'Testimony before the Committee on Ways and Means of the House of Representatives' (1975); 'Why Indexed Tax Systems Provide the Needed Frame of Reference', Remarks at the US Civil Service Commission Executive Seminar on National Economy and Public Policy (1975); Draft letter to the editor of the New York Times on recession deficits and interest rates (1975); 'Lessons from the Failure of Demand-Management Policies: A Look at the Theoretical Foundations' (1976); 'Money Supply and the Budget: Current and Future Problems of Demand Management' (1977); 'The Nature of Government Involvement in Economic Affairs and Democracy's Prospects for Survival' (1977); 'More Employment and Yet More Employment: Structural Factors Behind the Paradox' (1977); 'Problems to Keep in Mind When it Comes to Tax Reform' (1977); 'Gearing Demand Management to Supply Behavior in a Market Economy' (1977) Rational Expectations, Credibility and Demand Disinflation, 1978-83 'Neo-Keynesianism, Monetarism and the Long and Short Run' (1978); 'The Bearing of Risk Aversion on Movements of Spot and Forward Exchange Relative to the Dollar' (1978); 'The Valid Core of Rationality Hypotheses in the Theory of Expectations: Guide to the Paper' (1980); 'Introductory Remarks on Demand Disinflation: What if Gradualism Should Fall Despite Its Merits?' (1980); 'Gold and the Uneasy Case for Responsibly Managed Fiat Money' (1981); 'An Appraisal of the State of Monetary Policy' (1981); 'Inflationary Overtaxation: Our Confusing Record' (1981); 'Discussion Paper on the Monetary Crisis (CSIS Conference)' (1981); 'The Hazy Distinction between Voluntary and Involuntary Unemployment' (1981); 'Gradualism versus Prompt and Full Demand Disinflation with Shock Reducers' (1981); 'Views Presented to the Gold Commission' (1981); Testimony before the Finance Committee of the US Senate (1981); 'Why Policy Makers Need to Pay More Attention to the Crucial Role of Market Expectations' (1981); 'The High Employment Budget and the Potential Output: A Critique Focusing on Two Recent Contributions' (1982); 'Criteria for Useful Targeting: Money versus the Base and Other Variables' (1982); 'Testimony to be Submitted to the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs, House of Representatives' (1983); 'Monetary and Fiscal Policy in a Disinflationary Process; Justified and Unjustified Misgivings about Budget Deficits' (1983); 'The 1983 CEA Report: Back to Neo-Keynesianism?' (1983); 'The AEI Economist' (1983) Editorial Notes Volume 4: The Bellagio Group Conferences: Notes and Letters, and Publications of the Founders Introduction to the Bellagio Group The Bellagio Group Conferences 1963-4 Letter from Machlup to Roy Harrod inviting his participation in an experiment (the first Bellagio Group Conference); 'Review of the Princeton University Conference on Reform and the World Monetary System', by Burton Malkiel; 'Three Sources of Disagreement', Machlup's notes on why economists disagree about the problems and solutions to the monetary crisis; 'Proposals for International Monetary Reform'; 'Statement by Professor Heilperin', Geneva; 'My Views at the End of the Bellagio Conference', Fritz Machlup; 'Triffin's Comments on Questionnaire Answers'; 'The Assumptions Underlying Different International Monetary Proposals'; 'A Synthetic Composite-Currency Plan' (Bernstein Plan); Press release prepared by Triffin and Oakshott; Letter from Fellner to Machlup regarding the Conference of 21-2 March on Monetary Reform; 'Third Conference on International Monetary Reform', press release with outcomes; ' Invitation to the Final Meeting of the Economists' Group Studying Sources of Disagreement on International Monetary Proposals'; Letter from Machlup to members of the Group of 32 Economists regarding statements to be included in the Final Report; Letter from Machlup to Study Group regarding revised statements on four alternative International Monetary Systems, reflecting how groups were organized at previous conferences; Letter from Machlup to members of the Group of 32 Economists with details on International Monetary Arrangements: 'The Problem of Choice'; 'Final Report on the Study of International Monetary Arrangements', from eleven countries, sponsored by Princeton University with the support of grants from the Ford Foundation and the Rockefeller Foundation; Letter from Machlup to Triffin regarding a separate, smaller meeting to discuss composite reserve issue, Bernstein and French Plans Joint Meetings of Academics and Officials 1964-77 Letter from Triffin to Machlup regarding Joint Meetings; Letter from Fellner to Otmar Emminger to propose adjustment conference; Letter from Fellner to Emminger on adjustment issues; Letter from Triffin to Shepard Stone, Ford Foundation, introducing a new series of conferences on adjustment; Letter from Fellner to Joseph Slater, Ford Foundation, to propose a conference on balance of payments, adjustment policies, proposal and tentative participants; Letter from Fellner to Gottfried Haberler; Letter from Fellner, Gottfried Haberler, Fritz Machlup and Tibor Scitovsky to James Meade (among other economists), asking him to sign a band proposal for shift able parity; Letter from Fellner to Emile von Lennep updating him on Dr Emminger's instructions and his response; Letter from Fellner to Machlup updating him on signatories to band proposal; Letter from Machlup to Fellner with comments on band-around-variable parity proposal; 'Draft Proposed Agenda' for second conference; Fellner's notes on Emminger mandate, agenda and discussion of adjustment issues with Emminger mandate attachments; Detailed typewritten notes on discussions at the second conference, Zurich; Letter from Machlup to Emile van Lennep with rough draft of foreword to maintaining and restoring balance in international payments; 'Maintaining and Restoring Balance in International Payments', Table of Contents; Letter from Machlup to Triffin manuscript on balance of payments, confidence; Letter from Machlup to Dr Emminger regarding another conference, possibly Bellagio; Letter from Triffin to Emminger regarding Joint Meetings; Final band-around-variable-parity proposal with signatories; Machlup's notes for 'Go-Around on Policies to Reduce or Remove the Deficit in US Payments Balance', a relay discussion game; Letter from Machlup to Fellner and Kenen acknowledging their corrections to his glossary (for Maintaining volume); Letter from Machlup to Emminger regarding Maintaining volume; Letter from Machlup to Fellner and Triffin about Maintaining volume, van Lennep foreword and negative comments of Charles Kindleberger; 'On Amicable Co-existence of Two Areas via Operation Float: A Note for the Next Bellagio Conference', William Fellner; Invitation to Conference on International Monetary Arrangements, Bellagio; Machlup's handwritten notes on discussions at conference; Memo from academics to officials regarding Rio proposals; Letter from Machlup to Emminger on next conference, possibly on the dollar, gold and other reserve assets; Letter of invitation to Bologna Conference to discuss Rio Agreement; 'Towards Adjustment', typed notes prepared by Machlup for Bologna Conference; Invitation to Princeton Conference; Letter from Machlup to Emminger regarding agenda for Torremolinos Conference; Invitation to Torremolinos Conference from Fellner, Machlup and Triffin; Letter from Fellner to Machlup on inflation; Draft invitation from the Organizing Committee of Joint Conference of Officials and Academics, Taormina; Taormina Conference discussion document; Letter from Fellner to Machlup on SDRs; Letter of invitation, Washington Conference; Draft invitation from Fellner to Casais Conference; Memo from Machlup to participants of the Vienna Conference with agenda; Draft invitation to Vienna Conference; Letter from Fellner to Machlup regarding Vienna Conference agenda; Letter of Fellner, Machlup and Triffin to participants for the Vienna Conference with agenda; Conference on International Monetary Reform and the Developing Countries, Issues for Discussion, Princeton; Invitation from Fellner, Machlup and Triffin to Versailles Conference; Handwritten discussion notes and list of attendees, Versailles; Draft invitation to conference on oil impact in Basle (first conference not financed by Ford Foundation but by BIS); Letter from Machlup to Emminger regarding Emminger's Business Week article and next conference in Basle; Letter from Machlup to Emminger regarding price of gold and book value of gold, next conference; Letter of Machlup to Fellner and Triffin about Emminger's request for another meeting in January 1977; Letter from Machlup to Solomon on Basle; Handwritten notes on conference discussion, Basle; Letter of invitation to (second and final) Basle Conference; List of participants, (second) Basle Conference; Letter from Machlup to Emile van Lennep about the end of the Bellagio Group Burgenstock Conferences, 1968-71 Letter from Machlup to Fred Bergsten on influencers and technicians; Draft letter to Howard Swearer of the Ford Foundation requesting sponsorship of two international conferences devoted to widening the margins within which exchange rates can fluctuate (the so-called Burgenstock Conferences), prepared by Machlup and to be co-signed by him, Fred Bergsten and George Halm; Letter from Machlup to Fred Bergsten on planned conferences; Letter from Machlup to George Halm advising against the use of 'key currency'; Final letter to Helmut Lipfert, invitee to the first Burgenstock conference with list of lists and two attachments (including possible participants in conference); Kuster-Chittenden Poll in preparation for Flexible Exchange Rates Conference press release on 'Conferences to be held on Increasing International Exchange Rate Flexibility'; Bergsten press release to announce Oyster Bay conference; 'Proposed Outline of Conference Papers' and possible topics for future study; Conference on Greater Exchange Rate Flexibility, 'Informal Summary Notes by J H Watts; Letter from Machlup to George Chittenden, Morgan Guaranty Trust, on the desirability of adding more European Bankers next conference; Letter from Machlup to Robert Roosa, Brown Brothers Harriman, on adding additional European bankers next conference; Letter from Machlup to Robert Roosa, attaching draft invitation to second Conference of Practitioners and Academics at Burgenstock; Letter from Machlup to Howard Swearer, Ford Foundation, progress report and information on conference to be held in Burgenstock, Switzerland; Letter from Machlup to Robert Roosa with names of European bankers recommended by Bergsten and Chittenden; Letter from Machlup to Karl Socher on 'Flight of Capital' and 'Gliding Adjustments'; 'Problems Associated with Proposals for Greater Flexibility of Exchange Rates'; Letter from Machlup to George Halm, copies to Bergsten and Roosa, on Burgenstock Papers (commitment of participants to write post-conference papers for publication); Letter from Machlup to Harry Johnson about a change made in the title of his submission for Burgenstock Papers and advising a rewrite because it is too technical; Letter to Robert Roosa on his contribution to the Burgenstock Papers, mentions that Princeton University Press is in talks to publish; Letter from Machlup to Thomas Willett enclosing submissions received for Burgenstock Papers book; Letter from Machlup to Stephen Marris confirming receipt of his submission for the Burgenstock Papers, advising edits and confirming attendance at a meeting at Princeton; Letter from Machlup to George Chittenden asking his critique of Machlup's paper on forward exchange markets; Letter from Machlup to George Pelli with critique of the latter's paper for Burgenstock papers volume; Memo from the Organizing Committee to Participants in the Oyster Bay and or Buurgenstock Conferences on revisions, new papers and critical comments on papers of other participants; Letter from Machlup to Robert Roosa proposing a meeting in DC devoted to arrangements for publication of the Burgenstock Papers; Report on Joint Conferences of Practitioners and Academics, 1969-70; Letter from Machlup to Emminger regarding Arden House and upcoming Torremolinos conference; Memo to the Organizing Committee of the Burgenstock Group inviting them to a short meeting in Tarrytown, co-signed by Machlup, Halm and Robert Roosa Banca Nazionale del Lavorno Quarterly Review - Ground Zero for the Monetary Reform Discussion: Introductory Essay Fritz Machlup Papers: 'The Need for Monetary Reserves' (1966); 'Credit Facilities or Reserve Allotments?' (1967); 'The Transfer Gap of the United States' (1968) Editorial Notes Volume 5: The Bellagio Group Conferences: Publications of the Founders, continued Publications from the Banca Nazionale del Lavorno Quarterly Review Fritz Machlup Papers 'On Terms, Concepts and Strategies in the Discussion of Greater Flexibility of Exchange Rates' (1970); 'Euro-Dollar Creation: A Mystery Story' (1970); 'The Book Value of Monetary Gold' (1972); 'Euro-Dollars, Once Again' (1972); 'Euro-Dollars, Once Again. A Correction' (1972); 'Exchange-Rate Flexibility' (1973); 'Different Inflations have Different Effects on Employment' (1978) Robert Triffin Papers 'International Currency and Reserve Plans' (1954); 'The Return to Convertibility: 1926-1931 and 1958-? or Convertibility and the Morning After' (1959); 'Tomorrow's Convertibility: Aims and Means of International Monetary Policy' (1959); 'Altman on Triffin. A Rebuttal' (1961); 'The Problem of International Monetary Reform: Major Questions and Prospective Initial Area of Agreement' (1964); 'The Coexistence of Three Types of Reserves Assets' (1967); 'On the Creation of a European Reserve Fund' (1969); 'The Use of SDR Finance for Collectively Agreed Purposes' (1971); 'The Community and the Disruption of the World Monetary System' (1975); ' Europe and the Money Muddle Revisited' (1978); 'The Future of the International Monetary System' (1980); 'The EMF: Concluding Remarks' (1980); 'The European Monetary System: The First Two Years - Concluding Remarks' (1981); 'The European Monetary System and the Dollar in the Framework of the World Monetary System' (1982); 'The International Accounts of the United States and their Impact upon the Rest of the World' (1985); 'The IMS (International Monetary System ... or Scandal?) and the EMS (European Monetary System)' (1987); 'The IMS (International Monetary System ... or Scandal?) and the EMS (European Monetary System ... or Success?)' (1991) Index