Kenneth A. Loparo 
Economic policy in practice 

Fluctuations in social prosperity, employment levels and production have long been objects of study. The many works which have been published on this subject give detailed descriptions of the phenomena which accompany these fluctuations, analyse the combinations of cir- cumstances which can lead to upsets in the economic development of a country and examine the methods which can be applied to prevent un- desirable variations in certain economic quantities. The present study does not pretend either to add to what is known of the nature and occurrence of trade cycles or to contribute to the theories regarding these, but relates solely to economic policy as applied in practice in a number of countries. The basis of the study is formed by the reports on this subject prepared at the request of the International Information Centre for Local Credit for the eighth conference of the Centre held in Amsterdam in 1965. The International Information Centre for Local Credit is an institu- tion set up in 1958 with the object of promoting the development of local authority credit by, inter alia, the study of subjects within the purview of the provision of credit to lotal authorities or closely connect- ed with it. The membership of the Centre includes financial institut ions specializing in local authority credit from fifteen different countries. The Centre enjoys consultative status B with the Economic and Social Council of the United Nations.