Examines the effect of domestic inflation on recorded measures of the current account of the balance of payments. When domestic inflation is relatively high, it distorts conventionally measured current account deficits. This is because part of the recorded servicing payments on external...

This book presents alternative macroeconomic perspectives, primarily open economy, on the limitations of discretionary fiscal policy, with a focus on government spending. Following an overview on the post-crisis Keynesian revival and of the macro-foundations needed for subsequent analysis,...