The November 1968 and November 1969 issues of this Review included articles winch developed and explained in some detail a procedure for testing the relative importance of monetary and fiscal influences on economic activity in the United States. The conclusions reached in those articles were that (except for the years covering World War II) monetary influences had a stronger, more predictable, and faster impact on economic activity than fiscal influences. This article presents additional empirical evidence on the monetary - fiscal issue on the basis of data from eight foreign countries.