14 Indeed, Milton Friedman’s advocacy of a policy rule consisting of constant monetary growth rested in part on the existence of uncertainty, as he suggested that economists lacked the knowledge about economic relationships required to improve on that simple rule. See Friedman (1972) for a concise version of his case for the rule and Dornbusch and Fischer (1978, pp.
My especial hope is that we will find a basis for specific and practical initiatives in deep and wideranging discussions about East Asian monetary integration and the development of Asian bond markets, both matters that are the focus of intense debate these days. Fruitful outcomes from this conference will be a great boost to financial economists.