CONTENTS

WITNESSES

Best, Robert A., president, Allen-Best Associates, Ltd
Chandler, Colby H., chairman and chief executive officer, Eastman Kodak Co.
Danielian, Ronald L., president, International Economic Policy Association......
Dornbusch, Dr. Rudiger, professor, Massachusetts Institute of Technology
Elwell, Dr. Craig K., Congressional Research Service...

Fox, Lawrence R., vice president, International Economic Affairs, National
Association of Manufacturers...

Galvin, Robert W., chairman of the board and chief executive officer, Motor-
ola, Inc....

Page

90

8

109

425

377

454

173

Hufbauer, Gary Clyde, senior fellow, Institute for International Economics
Klein, Dr. Lawrence R., economist, University of Pennsylvania........
Leddy, John M., former commercial policy advisor, Department of State
Oswald, Rudolph, director, Economic Research Department, AFL-CIO..
Pardee, Scott E., executive vice president, Discount Corp. of New York, NY
Penner, Dr. Rudolph G., director, Congressional Budget Office.
Roosa, Robert V., partner, Brown Brothers, Harriman & Co
Solomon, Robert, guest scholar, The Brookings Institution
Srole, Saul, economist.

52

331

88

484

69

241

35

102

162

ADDITIONAL INFORMATION

Press release announcing hearing.........

Prepared statement of:

Senator Packwood.

Senator John Heinz

Senator Charles E. Grassley.

"The Effects of a Strong Dollar," by Colby H. Chandler, chairman and

chief executive officer, Eastman Kodak Co...

1

223

Robert V. Roosa, partner, Brown Brothers, Harriman & Co........

Gary Clyde Hufbauer, senior fellow, Institute for International Economics

"The Right Approach to Wrong Interest Rates" Scott E. Pardee, executive

vice president, Discount Corp. of New York ...........

John M. Leddy, former Assistant Secretary of State and Treasury and

Ambassador to the Organization for Economic Cooperation and Devel-

opment.....

89

Robert A. Best, president, Allen-Best Associates, Ltd

Robert Solomon, guest scholar, The Brookings Institution.

91

104

Ronald L. Danielian, president, International Economic Policy Associa-

tion

113

Saul R. Srole......

164

Jacques Delors, president of the Commission of the European Communi-

ties...

170

Robert W. Galvin, chairman of the board and chief executive officer,

Motorola, Inc

176

Rudolph G. Penner, director, Congressional Budget Office

243

Import Surcharges, U.S. Deficits, and the World Economy by Lawrence R.

Klein, Peter Pauly, and Christian E. Petersen

333

Prepared statement of:

Craig K. Elwell, Congressional Research Service.

380

Rudiger Dornbusch, Massachussetts Institute of Technology

National Association of Manufacturers, Lawrence A. Fox

427

457

(III)