The authors analyze the comparative macroeconomic performance of the Bretton Woods System of pegged exchange rates and the post-Bretton Woods float. The change in volatility of prices and output following the shift to floating does not appear to have been associated with differences in...

An empirical model of the relationship between financial deregulation and household saving is developed and estimated using regional data for the United Kingdom. Financial deregulation is found to be associated with a rise in the sensitivity of household saving to wealth, income, and the real...

This paper looks at theoretical and empirical issues associated with the operation of fiscal stabilizers within an economy. It argues that such stabilizers operate most effectively at a national, rather than local, level. As differing cycles across regions tend to offset each other for the...