4 articles in this issue
T. MAYER
Much recent work on the behaviour of interest rates has argued that both long term and short term interest rates decline only very temporarily when the growth rate of money increases. Nominal rates quickly snap back to their previous level. The present wo... see more
M. PARKIN
A plan for European Monetary Union was recently proposed based on the issue of a parallel European currency, the acceptance of which would be established by a market process, not by official edicts and which would be managed to achieve stable European-wid... see more
V. TANZI
The work considers the arguments for and against the indexation of personal income taxes. The author first reviews the effects of inflation on personal income and tax liabilities. The four analytical adjustment schemes that have been proposed in the liter... see more
T. DE VRIES
Since the change in the exchange rate regime came about as a result of breakdown and not reform, there are no rules on how to operate the new flexible exchange rate regime and no common philosophy on which to base them. For this reason, the recent agreeme... see more