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Open Macroeconomics in an Open Economy

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  • Edward Balls

Abstract

There are three pillars to the new Labour Government’s approach to economic policy; delivering macroeconomic stability, tackling supply‐side barriers to growth and delivering employment and economic opportunities to all. This lecture focuses on the new Government’s reforms to deliver macroeconomic stability and the importance of open and transparent institutions and procedures. The lecture outlines four principles for macroeconomic policymaking which flow from changes in the world economy and the world of economic ideas over recent decades. It explains each principle and shows how they are being translated into practice in the macroeconomic policy reforms that the new Government has introduced at the Treasury and the Bank of England.

Suggested Citation

  • Edward Balls, 1998. "Open Macroeconomics in an Open Economy," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(2), pages 113-132, May.
    • Handle: RePEc:bla:scotjp:v:45:y:1998:i:2:p:113-132
    DOI: 10.1111/1467-9485.00085
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    Cited by:

    1. David Cobham, 2013. "Monetary policy under the Labour government: the first 13 years of the MPC," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(1), pages 47-70, SPRING.
    2. David Cobham, 2013. "Monetary policy under the Labour government 1997-2010: the first 13 years of the MPC," Heriot-Watt University Economics Discussion Papers 1302, Department of Economics, School of Management and Languages, Heriot Watt University.
    3. Jim Malley & Anton Muscatelli & Ulrich Woitek, 1998. "The Interaction Between Business Cycles and Productivity Growth: Evidence from US Industrial Data," Working Papers 9805, Business School - Economics, University of Glasgow, revised Oct 1998.
    4. Andrew Glyn & Stewart Wood, 2000. "New Labour`s Economic Policy," Economics Series Working Papers 49, University of Oxford, Department of Economics.

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