Today, even the United States sees itself as an open economy, and the Bernanke et al book treats the issue carefully and even contains some international comparisons of data. What do we take from all that?
At the risk of offering a set of sweeping generalisations, I would observe, first, that some of the things which so preoccupied us in the 1970s about the role of monetary policy, the nature of trade-offs, both short and long term, between inflation and growth or unemployment have been regarded by the mainstream of the profession as  3  Missing from the Australian edition is the set of pithy cartoons illustrating simple economic truths, which is a shame.