An extension of the analysis of macroeconomic policy from the need to deal with two problems (inflation and unemployment) to include the state of the current account of the balance of payments, and the effect of the level of investment and the state of the balance of payments.

Macroeconomic policy with two objectives - basic arguments; internal objectives - some empirical evidence; dealing with two macroeconomic problems; the macroeconomic mix in the open economy - basic arguments; the mix in the open economy - some empirical evidence; three instruments and three objectives - a framework for analysis; deregulation and macroeconomic policy; the macroeconomic mix in the world economy.