Kneebone, Ronald D. - In: Canadian Journal of Economics 22 (1989) 3, pp. 673-85
The feasibility of a monetarist policy rule has been the subject of a good deal of research, all of which has implicitly assumed a unitary state. In this paper, the question is reexamined for the case of a federal state with deficit-financing nonfederal governments. The results of the paper...