The concerns of macroeconomic policy in the industrial countries in
recent years have shifted the focus of open—economy ncroeconomics to new
and interesting problems. Although no synthesis, or a fully coherent theory
of policy, has yet emerged from this research, the results have already led
to major revisions in views about the nature of the problems that policy has
to deal with.
This paper provides a selective survey and discussion of son of the
results of recent research with errhasis on their inplications for polic