The coordination of fiscal and monetary policy is a difficult challenge for all economies. Coordinating fiscal and monetary policy involves specifying an analytical framework that is shared by the institutions responsible for these policies, namely, the government and the central bank.
Without such a framework there is dissonance about individual policy actions, to the detriment of the national economic discourse. Michal Kalecki provided a useful and relevant analysis of the issues involved 50 years ago, carefully characterising the problem separately for advanced and developed ...
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