For fiscal 1991 1994 actual rates through 1993 and from the Economic Outlook and Basic Policy Stance (1994).

That policy, almost instantly dubbed Abenomics, comprises what have been called the three arrows bold monetary policy, an expansionary fiscal stance, and structural reforms to stimulate private investment.

Fiscal policy was required.

Call them fiscal policy, credit policy, monetary policy, and inflation.

A Future Oriented US Fiscal Policy

Fiscal policy was left as the only countercyclical policy option.

Japan s incoming government has already signaled an economic policy pivot, relying on what it directly controls (fiscal policy), together with pressure on the Bank of Japan, to relax the monetary policy stance, in an effort to generate faster growth and higher inflation.

A more hawkish fiscal stance may no longer be possible in future Democratic administrations, and might not be good policy if it were, given the likely complexion of successor administrations.

A Balance Sheet Approach to Fiscal Policy

The Fiscal Cliff and US Foreign Policy

Using fiscal policy to encourage job creation

A comparable debate is raging over fiscal policy.

We know the consequences McCain s fiscal policy is likely to be standard Republican fiscal policy and since 1981, standard Republican fiscal policy has increased the ratio of gross federal debt to GDP by nearly 2 per year.

What is needed are constraints on fiscal policy by each country, not a supranational fiscal authority.

This brings us to the fourth tool fiscal policy.

Osborne s defenders might make the same argument for his fiscal policy. A credible policy of fiscal consolidation, they might say, will have the same exhilarating effect on confidence as fiscal consolidation itself.

Most Americans care little about China's currency policy or its stance on intellectual property rights.

Then the Bush administration s reckless fiscal policy pushed it lower.

Given dysfunctional US fiscal policy, the dollar s resilience is surprising.

They will have materially damaged their standing and, consequently, the future effectiveness of their policy stance.

Japan s recent election hinged critically on Abe s views of the Bank of Japan s monetary policy stance.

Because fiscal policy did not stimulate the economy, a greater burden was placed on monetary policy.

What is required is easy fiscal policy today, together with plans to achieve fiscal rectitude in the long run.

Fiscal policy should ideally focus on tax cuts and infrastructure spending.

The world as a whole needs tighter monetary and fiscal policy.

Experience with fiscal policy over the past few decades is clear.

Indeed, Europe s divided stance on the Israeli Palestinian conflict exemplifies its poor record of achieving foreign policy consensus.

Compared to monetary policy, fiscal policy is infinitely more complex, involving many more trade offs among competing interests.

Both bank regulation and fiscal policy require a great deal more Europeanization.

The institutional foundations of stable long run fiscal policy are being eroded.

Additionally, raising interest rates would be a form of expansionary fiscal policy.

Thus, greater reliance on fiscal policy increased government spending would be necessary.

Imagine a bunch of irresponsible Bush like administrations making fiscal policy, forever.

They don t want to go further, and one can understand their chagrin, if not agree with their policy stance.

Once nominal interest rates cannot be lowered further, central banks use other tools to determine the monetary policy stance.

This stance reflects the Fed s dual mandate, according to which monetary policy targets maximum employment consistent with price stability.

The focus has been on buying time, rather than on implementing a sensible transition to a sustainable policy stance.

But Hatoyama s government has ignored macroeconomic management by abolishing the policy board charged with discussing economic and fiscal policy.

These purchases would need Treasury support, since this tactic is in effect a fiscal policy, not a monetary policy.

A common fiscal policy implies that the elected leaders of Greece and Italy would have some say over German fiscal policies, too.

Failure to design an effective fiscal stimulus shifted the burden to monetary policy.

We call the first of these restoring confidence, and the second fiscal policy.

A similar divergence, though less acute, has appeared with respect to fiscal policy.

Bargaining is highly centralized and often the government participates to coordinate fiscal policy.

And, while traditional fiscal policy (government spending and tax cuts) will be pursued aggressively, non traditional fiscal policy (expenditures to bail out financial institutions, lenders, and borrowers) will also become increasingly important.