Purpose – The latest generation of research into macroeconomic policy has turned from more technical aspects of optimal control and expectations formation to consideration of the policymaking institutions themselves. More and more countries have moved towards greater degrees of central bank...

The relative impacts of the monetised and non-monetised deficit on output and inflation in the United States are assessed using annual data for the 1923-1982 period. With Federal Reserve purchases of government debt serving as a measure of monetisation, the results of Granger causality tests...

The relative impacts of the monetised and non‐monetised deficit on output and inflation in the United States are assessed using annual data for the 1923‐1982 period. With Federal Reserve purchases of government debt serving as a measure of monetisation, the results of Granger causality tests...

Purpose – The latest generation of research into macroeconomic policy has turned from more technical aspects of optimal control and expectations formation to consideration of the policymaking institutions themselves. More and more countries have moved towards greater degrees of central bank...