There was no macroeconomic policy in the classical system of economic thought. Monetary policy was determined without discretion within the Gold Standard, and budget outcomes were guided by a 'balanced budget rule'. Intellectual and policy support for the classical rules evaporated when large...

China contributed a majority of the growth in global greenhouse gas emissions in the first 11 years of this century. The trajectory of emissions has changed radically since then, as China has implemented its Cancun 2010 commitment to reduce the 2005 emissions intensity of economic activity by...