Fiscal Responsibility, Monetary Policy and the Exchange Rate

Giampaolo Galli and Rainer S. Masera
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Giampaolo Galli: Bank Of Italy and Imi
Rainer S. Masera: Bank Of Italy and Imi

Chapter 13 in Value and Capital: Fifty Years Later, 1991, pp 358-386 from Palgrave Macmillan

Abstract: Abstract Of the authors of this chapter, one has learned Hicksian economics from John Hicks at Oxford, the other has learned it at MIT as a large part of what has for a long time been recognised as ‘mainstream economies’. While it took us a very small effort to recognise how much we both owe to Value and Capital, having departed from the domain of theoretical economics to work in a central bank we decided it would have been too ambitious and ultimately fruitless to attempt to write an essay on that book. We instead tried to put to good use some of Hicks’s theoretical achievements to develop an investigation of an issue which is very close to our experience and current preoccupations, that is, the relationship between fiscal policy, monetary policy and exchange rate.

Keywords: Exchange Rate; Monetary Policy; Current Account; Fiscal Policy; Real Exchange Rate (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11029-2_22

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DOI: 10.1007/978-1-349-11029-2_22

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