Oxford Review of Economic Policy volume 19, issue 1, P132-148 2003 DOI: 10.1093/oxrep/19.1.132 View full text
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R. Barrell

Abstract: Fiscal and monetary policy framework have become increasingly popular as disenchantment with active stabilisation policy has increased. In order to maximise the gains in terms of welfare and output frameworks need to be designed to achieve targets efficiently and stabilise the volatility of the economy. We evaluate the current fiscal and monetary frameworks in the UK and the Euro Area, and suggest where they can be improved. The UK has notably worse productivity than the Euro Area, and the design of policy fra…

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