9 McKay, A. and R. Reis, (2016), “The Role of Automatic Stabilizers in the U.S. Business Cycle”, Econometrica, 84,  141–194. 10 McKay, A. and R. Reis, (2016), “Optimal Automatic Stabilizers”, NBER Working Paper 22359, CEPR discussion  paper 11578.
"What is clear is that in a globalised world most of the Government's economic policies, including fiscal, industry and immigration policies, are all constrained by other countries' policies and by international pressures on them. With financial markets so interconnected, any small country's domestic monetary policy also now needs to be seen in an international setting.