A discussion of why budget deficits are inadequate measures of the long-run effect of fiscal policy on intergenerational redistributi- on, and an assertion that policy evaluation would be better served by looking at generational accounts.

An investigation of the allocative consequences of resource shifts that would result if the Clinton administration's budget plan is adopted, examining the timing and composition of both net outlay cuts and net revenue increases represented in the budget proposal, as well as the generational...

If U.S. spending goes as projected, future generations will give up almost half their lifetime labor income to balance the government's books. After showing that current policy is not sustainable, this article reports the size and timing of the changes necessary to make it so.

A summary of the administration's final budget bill that was enacted in summer 1993, highlighting the changes in the scope and timing of deficit reductions and in the amount and distribution of revenue increases.

A discussion of the relationship between monetary and fiscal policy, concluding that sound policy, be it monetary or fiscal, should have clear objectives, verifiable outcomes, and rules that are consistently followed.

An examination of the role of sound money in promoting national prosperity, emphasizing the hazards that emanate from fiscal policies and the challenges that will accompany the European Monetary Union.

The author contends that luck has played a major role in the fiscal fortunes of the 1990s. He (along with many others) is therefore concerned about the unquestioned presumption that projected budget surpluses are as good as achieved. Such a presumption, he says, is a shaky foundation from which...

Is inflation (in the often-quoted words of Milton Friedman) "always and everywhere a monetary phenomenon"? Some say no, arguing that inflation is controlled not only by the central bank but also by the fiscal authority. This Commentary authors explore their argument, known as the fiscal theory...

Should the economics profession be judged on its ability to predict the economy's twists and turns? Not according to Cleveland Federal Reserve Bank President Jerry L. Jordan, who argues that an economist's real contribution lies not in eliminating the uncertainties of the marketplace, but in...