Budgets should forecast up to 50 years out, so the full effects of policy are clearly seen.
"It is very difficult to assess how well the government is progressing toward its target of reducing net-migration to the 'tens of thousands', or to evaluate the effects of specific policy changes, " says Dr Martin Ruhs, Director of the Migration Observatory at the University of Oxford.
Furthermore, the effects of monetary policy tend to be spread less evenly across the economy than those of fiscal policy.
One school of thought is that a high unemployment rate is structural and immune to the stimulative effects of monetary policy.
There is probably no better place to look for the effects of industrial policy today than China, and it is to data on the performance of medium-sized and large Chinese companies between 1998 and 2007 that the economists turn to test their ideas.
So, again, I think if there are those with questions about the impact of or the effects of any aspect of our policy as it relates to the START treaty, there are many people in this government that can answer those questions.
The U.S. congressional elections tomorrow are receiving widespread international coverage because of the far-reaching effects of US foreign policy.
Then there is the Fed and the effects of its monetary policy.
For it is not simply a question of intent, but rather a matter of what the practical effects of the new policy would be.
Some will see that slower pace as a hint that members of the MPC think this bout of easing will be less powerful than in the past - or perhaps that they are worried about possible negative effects of continuing the policy for so long.
Scientists tend now to see geo-engineering research as a form of insurance policy against the effects of continued global warning, not as an excuse for downplaying the problem, nor for tolerating more carbon emissions in the meantime.
If workers and businesses anticipate the effects of monetary and fiscal policy, they will not change their economic behavior.
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The report, which was commissioned in January 1997 by the White House Office of National Drug Control Policy, looked at the effects of smoked marijuana on all the diseases for which some consensus exists that it might be beneficial.
On top of this, there is little scope for fiscal policy to cushion the effects of economic shocks affecting different countries in different ways.
Foreign government accumulation of dollar reserves provides some measure of assurance against the ill effects of U.S. policy.
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The benefits of tight monetary policy are more doubtful, and the damaging side-effects of depreciation less severe.
Indeed, speculative excesses in asset prices and credit flows might occur more frequently in future, thanks to the combined effects of financial liberalisation and a monetary-policy framework that concentrates on inflation but places no constraint on credit growth.
If it does nothing, the Fed runs the risk that, when Wall Street does eventually fall, inflation will be rising and the dollar falling, making it harder to ease monetary policy to offset the effects of a crash.
"Although developing countries didn't make this crisis, it has become all too clear that they are in the firing line when it comes to suffering its worst effects, " Claire Melamed, Head of Policy at ActionAid said in a statement accompanying the report.
Both campaigns dispute the Tax Policy Center's estimates, saying the study doesn't include the effects of their proposed spending cuts and that any estimates should be based on current policy--which includes the set-to-expire 2001 and 2003 tax cuts--not current law.
Whatever the effects of a change in Germany's fiscal policy, the political fallout is predictable.
The Fed had been easing its monetary policy to counteract the deflationary effects of the subprime crisis.
Inside the government, a lively argument is going on about whether a surfeit of numerical targets can have perverse effects on policy.
But Mr King added that no monetary policy could prevent the current effects of rising food and energy prices on living standards.
Last month Jennifer Doleac, assistant professor of public policy and economics at the University of Virginia, published a paper entitled The Effects of DNA Databases on Crime, which suggested that size matters: "larger DNA databases reduce crime rates".
Over time, a clearly articulated policy may well have ripple effects outside of a single company.
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Nor is it easy to disentangle the effects of climate change from those of avoidable failures in policy.
Without attention to the dynamic effects of their actions, central bankers risk leaving monetary policy too loose or too tight for too long.
What can be done to make insurance a better policy tool and to avoid adverse side effects of the well-intentioned programs already in place?
Big cash injections by central banks had helped offset the worst effects of this cash hoarding, bringing overnight lending rates down toward policy targets.
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