In recent years the explosion of new material on macroeconomic theory and policy has made it increasingly difficult for either the specialist or the academic adventurer to keep up with the ebb and flow of new ideas on these topics. This book provides a comprehensive theoretical and empirical survey of macropolicy models and issues; it concentrates on the rational expectations revolution, but places this exciting new theory firmly in the context of the long-standing policy debates of the past fifty years. The survey covers the entire range of the debate from Keynes to 'credibility' and includes a chapter on monetary-fiscal growth models. There is an extensive bibliography.