It was a great pleasure for me to invite Professor Jeffrey A.
Frankel of the University of California, Berkeley to KDI's
Distinguished Lecturer Program. Professor Frankel delivered a
special lecture on the Stabilizing Properties of a Nominal GNP
Rule in an Open Economy, on December 16, 1991 at KDI. His
lecture covered not only the topic of the nominal GNP rule but
also directions for Korea's exchange rate policy and liberalization
of capital markets. His suggestion for a nominal GNP rule for
monetary policy to stabilize output and inflation in an open
economy was very stimulating.