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Fiscal Responsibility, Monetary Policy and the Exchange Rate

In: Value and Capital: Fifty Years Later

Author

Listed:
  • Giampaolo Galli

    (Bank Of Italy and Imi)

  • Rainer S. Masera

    (Bank Of Italy and Imi)

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.

Suggested Citation

  • Giampaolo Galli & Rainer S. Masera, 1991. "Fiscal Responsibility, Monetary Policy and the Exchange Rate," International Economic Association Series, in: Lionel W. McKenzie & Stefano Zamagni (ed.), Value and Capital: Fifty Years Later, chapter 13, pages 358-386, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11029-2_22
    DOI: 10.1007/978-1-349-11029-2_22
    as

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