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1 [i] (1986)

handle is hein.amenin/aeiabfd0001 and id is 1 raw text is: In an era of rapid economic change, this book is a must, not only for academicians but also for policy makers. BILL GRADISON U.S. Representative 'John Makin's two essays continue his strong work. These studies are an important contribution STEPHEN BELL Former staff director, U.S. Senate Budget Committee U.S. Fiscal Policy-Its Effects at Home and Abroad JOHN H. MAKIN Would reducing the federal budget deficit improve the trade balance? Does a move toward fixed exchange rates make sense when efforts to control budget deficits are under way? Can the United States conduct tax and budget policy without paying attention to its im- plications for the rest of the world? in two essays, John 1-. Makin traces the unusual path of U.S. fiscal policy in the first half of the 1980s. He finds lessons helpful to businesses and policy makers as the world economy becomes more interdependent and the international competition more intense. His major conclusion is that fiscal policy is a more potent countercyclical tool than monetary policy under flexible exchange rates. Stabilizing exchange rates would therefore require active coordination of fiscal policies as well as monetary coordination. John H, Makin is director of fiscal policy studies at the American Enterprise Institute. He is on leave from the University of Washing- ton, where he is professor of economics and has served as director of the Institute for Economic Research. He is the editor of Real Tax Reform: Replacing the Income Tax (AEI, 1985) and the author of The Global Debt Crisis (Basic Books, 1984) and numerous articles on tax and budget issues in the Wall Street Journal, the New York Times, the Washington Post, Business Week, and the Financial Times (London). US $1200 ISBN-13 :978-0-844?-3608-2 ISB :0-8447 -3608-2 ! !!!I !' !!!' i ll'li2,

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