This paper considers fiscal and monetary policy in a short-run static macroeconomic model. There are two objectives, control of inflation and control over the growth of national wealth, and a third outcome of importance, a high level of employment. There are two instruments, monetary policy (the...

Proposals for the creation of an independent central bank in a European Monetary Union do not always take into account the interactions between monetary and fiscal policy. This analysis describes a system of two similar economies forming either a joint fiscal and monetary union or a simple...

Lecture to the memory of Alfred Nobel, December 8, 1977

Born on 23 June 1907, I was brought up in the City of Bath in England. At school - Lambrook School (1917-1921) and Malvern College (1917-1926) - my education was concentrated on the Latin and Greek languages. At the university - Oriel College, Oxford (1926-1930) - I continued my classical...