"We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which …

economy is depressed because some agents are deleveraging, fiscal policy is more powerful and the multiplier can be quite big …

We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which …

rest of the world. In this paper we show how the standard closed-economy macroeconomic model -- the Phillips curve … augmented IS-LM analysis -- has to be modified for the United States to take account of the economy's international interactions … effects are in practice significantly large for the United States economy …

Major changes have taken place in the U.S. economy within the past quarter century. Changes with implications that are … Regulation Q interest ceilings and the development of the secondary mortgage market, the greater openness of the U.S. economy …