The contributors in this collection of papers examine the conduct and consequences of national macroeconomic policy in a world of economically independent countries. The book's main themes include the effect of deregulation and financial innovation and of budget deficits on monetary policy, the role of exchange rates in the international transmission of disturbances of a monetary or fiscal origin, the effectiveness of price controls in moderating the economic cost of deflationary macroeconomic policies and the implications of co-operative versus non-cooperative approaches to policy under conditions of economic interdependence.

The contributors in this collection of papers examine the conduct and consequences of national macroeconomic policy in a world of economically independent countries. The book's main themes include the effect of deregulation and financial innovation and of budget deficits on monetary policy, the role of exchange rates in the international transmission of disturbances of a monetary or fiscal origin, the effectiveness of price controls in moderating the economic cost of deflationary macroeconomic policies and the implications of co-operative versus non-cooperative approaches to policy under conditions of economic interdependence.