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dc.contributor.authorHallett, Andrew Hughesen
dc.date.accessioned2009-01-28T15:52:31Z-
dc.date.available2009-01-28T15:52:31Z-
dc.date.issued2004-
dc.identifier.urihttp://hdl.handle.net/10419/18735-
dc.description.abstractFiscal policy in Britain has changed radically since the Keynesianism of the 1960s and 1970s.After a passive period under monetarism of the 1980s, fiscal policy is said to have adopted aleadership role with long term objectives (low debt, the provision of public services/investment, and social equity), together with an independent central bank. Monetary policy,operating with instrument independence, then takes care of short run stabilisation. I test thisview – confronting it with evidence from the institutional arrangements put in place since1997; with econometric evidence from the policy responses themselves; and with theoreticalevidence on the incentive to choose such a regime in the first place. I conclude that this claimis broadly correct. It appears that the UK's improved performance is a consequence of theadvantages of combining fiscal leadership with an (instrument) independent central bank. Thekey feature is the ability to trade target (not instrument) independence in monetary policy tosecure greater coordination between fiscal and monetary strategies.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1372en
dc.subject.jelE61en
dc.subject.jelE52en
dc.subject.jelF42en
dc.subject.ddc330en
dc.subject.keywordStackelberg leadershipen
dc.subject.keywordpolicy complementarityen
dc.subject.keywordinstitutional coordinationen
dc.subject.stwFinanzpolitiken
dc.subject.stwGeldpolitiken
dc.subject.stwZentralbankautonomieen
dc.subject.stwReaktionsfunktionen
dc.subject.stwSchätzungen
dc.subject.stwGrossbritannienen
dc.titlePost-Thatcher fiscal strategies in the UK : an interpretation-
dc.typeWorking Paperen
dc.identifier.ppn477512178en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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