This two volume set reprints 28 papers on fiscal and monetary policy interpreted broadly enough to include such issues as the effects of government debt and intergenerational accounting. It emphasizes problems that are not specific to a particular country but are relevant for all developed market economies. Fiscal and Monetary Policy is divided into three parts; the first deals with the problems that are common to both fiscal and monetary policies; the second deals with fiscal policy and the third with monetary policy.

Fiscal and Monetary Policy includes important articles on the effects of lags on the feasibility of stabilization policy, time inconsistency, the motivation of monetary and fiscal authorities, the Lucas critique, Ricardian equivalence, the choice of monetary targets, feedback rules, international aspects of monetary policy and the appropriate role of government in the monetary system.

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Edited by the late Thomas Mayer, formerly Emeritus Professor of Economics, University of California, Davis and Steven M. Sheffrin, Professor of Economics and Director of the Murphy Institute of Political Economy, Tulane University, US

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