World Economy Macroeconomics [Paperback]

This text develops a complex open economy macro-model of the world economy that synthesizes the new Keynesian and new classical approaches to constructing aggregate models. It extends the two approaches by offering a more general international and intertemporal transmission mechanism.This collection of articles traces the evolution over the 1980s of budget policy and tax reform by an architect of the Bradley tax reform bill. The articles present a chronological analysis of tax changes and the heated controversy over budget policy and the deficit. It concludes with an analysis of what the future holds. The author, currently staff director of the Joint Economic Committee of Congress, has the perspective of a fiscal expert with many years on the Washington scene.