This paper highlights some key policy issues regarding the performance of public expenditure and proposes an analytical framework for its assessment. The framework distinguishes three economic objectives of policies in the pursuit of better performance of public expenditure: macroeconomic...

This paper reassesses, in the light of recent experience, the formulation of monetary policy in terms of targets for monetary aggregates in the major countries. A number of difficulties which have arisen are discussed: instability of the money-income relationship; constraints created by fiscal...

National accounts data provide the most comprehensive overview available of developments in national economies. They are of great interest to a wide range of users of economic information. These users, which include governments formulating budgetary policies, central banks making monetary policy...