At the time in which this book was first published in 1992, there was a major concern with the macro-economic implications of fiscal imbalance. As the European economies moved closer to monetary union, and Germany grappled with the fiscal pressures of unification, deficits in the United States exceeded $300 billion. In this volume the authors address this issue, using both historical case-studies and cross-national comparisons. This book will be of interest to students of economics.
List of figures; List of tables; Foreword by Thomas D. Willett; Preface; Acknowledgements; Introduction; Part 1; 1. Budget Deficit financing: a general review 2. The role of fiscal policies in the German hyperinflation: how unpleasant was the monetary arithmetic? 3. War, money and inflation: lessons from three revolutionary episodes; Part 2; 4. The importance of central bank independence 5. Assessing the interaction between central bank behaviour and governments 6. International evidence on the relationship between central banks and governments 7. Is fiscal policy-making constrained by an independent central bank?; Part 3; 8. International transmission of US macro-economic policy to the Western European economies 9. Central bank intervention and bond-financed budget deficits 10. Should central banks target domestic inflation or nominal exchange rates?; Notes; References; Index
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