This paper examines the extent to which the evolution of monetary policy frameworks and actual policy decisions in the United States and Japan contributed to the differences in macroeconomic performance of the two countries in the 1980s and 1990s. It considers the extent to which monetary policy...

The macroeconomic implications the Single Market is likely to have for the rest of the world, in particular the United States and Japan, are considered in this essay. Trade diversion will be an unavoidable result of Europe 1992 but that the patterns of the EC's external trade and financial flows...