Download or read book Political Economy In Macro Economics written by Allan Drazen and published by Orient Blackswan. This book was released on 2004 with total page 796 pages. Available in PDF, EPUB and Kindle. Book excerpt: Political Economy in Macroeconomics is the first full-length work on the issues of new political economy. This is a multi-disciplinary subject to which increasing numbers of economists are dedicating their time. It analyses the influence of political forces on economic policy by using the analytical tools of economics. However, while emphasising the use of economic models, Drazen has also included related issues such as politics and political philosophy in this volume, and therefore the book contains much conceptual discussion as well as empirical data. At the moment there is no text that covers political economy in macroeconomics at the postgraduate and advanced undergraduate level. This book will fill that gap. It is a survey, textbook, and critique all in one (Dani Rodrik, Harvard University), and has established the benchmark for years to come, in terms of coverage and depth of critical assessment (Leonardo Bartolini, Journal of International Economics).
Download or read book The American Political Economy written by Douglas A. Hibbs and published by Harvard University Press. This book was released on 1989-03-15 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive and authoritative work on relationships between the economy and politics in the years from Eisenhower through Reagan. Hibbs identifies which groups “win” and “lose” from inflations and recessions and shows how voters’ perceptions and reactions to economic events affect the electoral fortunes of political parties and presidents.
Download or read book The Making of Economic Policy written by Avinash K. Dixit and published by MIT Press. This book was released on 1998-09-01 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Making of Economic Policy begins by observing that most countries' trade policies are so blatantly contrary to all the prescriptions of the economist that there is no way to understand this discrepancy except by delving into the politics. The same is true for many other dimensions of economic policy. Avinash Dixit looks for an improved understanding of the politics of economic policy-making from a transaction cost perspective. Such costs of planning, implementing, and monitoring an exchange have proved critical to explaining many phenomena in industrial organization. Dixit discusses the variety of similar transaction costs encountered in the political process of making economic policy and how these costs affect the operation of different institutions and policies. Dixit organizes a burgeoning body of research in political economy in this framework. He uses U.S. fiscal policy and the General Agreement on Tariffs and Trade (GATT) as two examples that illustrate the framework, and show how policy often deviates from the economist's ideal of efficiency. The approach reveals, however, that some seemingly inefficient practices are quite creditable attempts to cope with transaction costs such as opportunism and asymmetric information. Copublished with the Center for Economic Studies and the Ifo Institute
Download or read book Political Economy in Macroeconomics written by Allan Drazen and published by Princeton University Press. This book was released on 2018-06-05 with total page 790 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally, economics was called political economy, and those studying it readily accepted that economic decisions are made in a political world. But economics eventually separated itself from politics to pursue rigorous methods of analyzing individual behavior and markets. Recently, an increasing number of economists have turned their attention to the old question of how politics shape economic outcomes. To date, however, this growing literature has lacked a cogent organization and a unified approach. Here, in the first full-length examination of how political forces affect economic policy decisions, Allan Drazen provides a systematic treatment, organizing the increasingly influential "new political economy" as a more established field at the highly productive intersection of economics and political science. Although he provides an extraordinarily helpful guide to the recent explosion of papers on political economy in macroeconomics, Drazen moves far beyond survey, giving definition and structure to the field. He proposes that conflict or heterogeneity of interests should be the field's essential organizing principle, because political questions arise only when people disagree over which economic policies should be enacted or how economic costs and benefits should be distributed. Further, he illustrates how heterogeneity of interests is crucial in every part of political economy. Drazen's approach allows innovative treatment--using rigorous economic models--of public goods and finance, economic growth, the open economy, economic transition, political business cycles, and all of the traditional topics of macroeconomics. This major text will have an enormous impact on students and professionals in political science as well as economics, redefining how decision makers on several continents think about the full range of macroeconomic issues and informing the approaches of the next generation of economists.
Download or read book Economic Politics written by William R. Keech and published by Cambridge University Press. This book was released on 1995-02-24 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book raises and addresses questions about the consequences of democratic institutions for economic performance.
Download or read book The Political Economy of Macroeconomic Policy written by Hyunwoo Kim and published by . This book was released on 2020 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: In three essays, my dissertation analyzes the political economy of macroeconomic policies and outcomes in democratic settings. Chapter 2 seeks to identify and document the micro-foundations of inflationary policy, with a focus on the role of economic inequality. Previous work on the politics of monetary policy has concentrated on the role of distributive motives stemming from individual characteristics such as income levels or factoral/sectoral interests in formation of monetary policy preferences of citizens. This work pays little attention to how a country's overall distributive context, namely its economic inequality level, affects their preferences vis-a-vis price stability and employment. My research argues that as inequality pushes more citizens below the average income of a society, they are more likely to demand redistribution through higher employment (and thus more competitive wages) and more fiscal spending, each of which can be better supported by expansionary monetary policy. In terms of inflation aversion, this means that inequality renders citizens more tolerant of inflation. Tests on 483,557 respondents from 33 countries (1976-2016) using the International Social Survey Program and the Eurobarometer demonstrates that inequality significantly moderates citizens' inflation aversion.Chapter 3 examines how central bank independence (CBI) as an institutionalized form of monetary technocracy, undermines elected governments' democratic accountability for economic outcomes. CBI implies that elected governments delegate monetary policy to technocrats in central banks. I argue that given the substantial influences of monetary policy through manipulation of interest rates on consumption, investments, exchange rates, capital flows and government spending, all of which critically determine the performance of the economy, CBI can blur the line of responsibility for economic performances between elected governments and central banks. It can thereby weaken voters' ability and willingness to electorally punish (or reward) governments on the basis of those outcomes. Utilizing data from the Comparative Study of Electoral Systems, I test how CBI conditions the effects of both voters' subjective evaluation of the economic outcomes and objective macroeconomic performances on voting for incumbents in 38 countries from 1996 to 2016. The result shows that CBI significantly attenuates the reward and punishment mechanism of elections based on economic records.Chapter 4, co-authored by Cristina Bodea and Christian Houle, investigates the impact of financial crises on income inequality. Important evidence has emerged that in the aftermath of crises, politics becomes polarized and economists have linked this to greater gaps in income due to crises. The evidence however on whether crises can be linked to divergent incomes is weak and plagued by 1) the possibility of a reverse effect going from great disparity in incomes to major economic crises; 2) the persistent nature of income inequality; and 3) important measurement error in both the dependent and independent variables. We use the longest time stretch of available data on crises and types of crises (Reinhart and Rogoff 2011) and income inequality (Solt 2009), as well as General Method of Moments and Error Correction Models to more credibly tackle the complex theoretical and empirical relationship between crises and inequality. We find strong evidence that currency, banking, inflation and debt crises increase inequality, particularly in the long run.
Download or read book Political Control of the Macroeconomy written by Paul Whiteley and published by London ; Beverly Hills : Sage Publications. This book was released on 1986 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul Whiteley integrates two fields of study which have traditionally remained separate - public policy analysis and macroeconomic theory. He applies theoretical models from macroeconomics to key issues in public policy analysis. He measures the effects of technological change, the nature of economic growth, and the extent to which government can stimulate productivity and manipulate the economy for electoral purposes. Two dimensions, essential in understanding the political determinants of economic policy, are highlighted: the short- and long-term effects of policies; and the relationship between policy instruments, such as public expenditure, and policy targets, such as full employment. Using cross-sectional and time-series data, Paul Whiteley tests and develops models for assessing policies and their outcomes. His conclusions about government mechanisms for exerting influence on the economy have important implications for public policy and macroeconomic analyses.
Download or read book The Theory of Economic Policy in English Classical Political Economy written by Lionel Robbins Baron Robbins and published by . This book was released on 1978 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Macroeconomic Policy Credibility and Politics written by Torsten Persson and published by Taylor & Francis. This book was released on 1990 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1990. Routledge is an imprint of Taylor & Francis, an informa company.
Download or read book Economic Policy written by Agnès Bénassy-Quéré and published by Oxford University Press, USA. This book was released on 2018-12-05 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concepts -- Issues -- Interdependence -- Fiscal policy -- Monetary policy -- Financial stability -- International financial integration and foreign-exchange policy -- Tax policy -- Growth policies
Download or read book Global Political Economy written by Robert G. Gilpin and published by Princeton University Press. This book was released on 2011-08-29 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is the eagerly awaited successor to Robert Gilpin's 1987 The Political Economy of International Relations, the classic statement of the field of international political economy that continues to command the attention of students, researchers, and policymakers. The world economy and political system have changed dramatically since the 1987 book was published. The end of the Cold War has unleashed new economic and political forces, and new regionalisms have emerged. Computing power is increasingly an impetus to the world economy, and technological developments have changed and are changing almost every aspect of contemporary economic affairs. Gilpin's Global Political Economy considers each of these developments. Reflecting a lifetime of scholarship, it offers a masterful survey of the approaches that have been used to understand international economic relations and the problems faced in the new economy. Gilpin focuses on the powerful economic, political, and technological forces that have transformed the world. He gives particular attention to economic globalization, its real and alleged implications for economic affairs, and the degree to which its nature, extent, and significance have been exaggerated and misunderstood. Moreover, he demonstrates that national policies and domestic economies remain the most critical determinants of economic affairs. The book also stresses the importance of economic regionalism, multinational corporations, and financial upheavals. Gilpin integrates economic and political analysis in his discussion of "global political economy." He employs the conventional theory of international trade, insights from the theory of industrial organization, and endogenous growth theory. In addition, ideas from political science, history, and other disciplines are employed to enrich understanding of the new international economic order. This wide-ranging book is destined to become a landmark in the field.
Download or read book Macroeconomic Policies of Developed Democracies written by Robert J. Franzese, Jr and published by Cambridge University Press. This book was released on 2002-02-11 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book synthesizes and extends modern political-economic theory to explain the postwar evolution of macroeconomic policy in developed democracies. Chapters 2-4 study transfers, debt, and monetary/wage policy-making and outcomes, stressing that participation enhances transfer-policy responsiveness to inequality and vice versa, that policy-making veto actors retard fiscal-policy adjustments, inducing greater long-run debt-responses to all other political-economic stimuli, and that monetary policy's nominal and real effects depend, respectively, on the broader political-economic interest-structure and on wage-price bargainers' sectorial composition and coordination. Broadly, the book argues that these developments have exacerbated the distributional conflicts inherent in the policies to which postwar governments had committed while undermining their more-universally desired efficiency-fostering roles. Battles that once raged primarily over policies conducted within postwar-commitment frameworks now rage over the putative 'reforms' of the frameworks that will set the institutional rules within which democratic struggle over macroeconomic policy and free-market competition will continue.
Download or read book Political Cycles and the Macroeconomy written by Alberto Alesina and published by MIT Press. This book was released on 1997 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines how electoral laws, the timing of election, the ideological orientation of governments, and the nature of competition between political parties influence unemployment, economic growth, inflation, and monetary and fiscal policy. The book presents both a thorough overview of the theoretical literature and a vast amount of empirical evidence.
Download or read book The Macroeconomics of Populism in Latin America written by Rudiger Dornbusch and published by University of Chicago Press. This book was released on 2007-12-01 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Again and again, Latin America has seen the populist scenario played to an unfortunate end. Upon gaining power, populist governments attempt to revive the economy through massive spending. After an initial recovery, inflation reemerges and the government responds with wage an price controls. Shortages, overvaluation, burgeoning deficits, and capital flight soon precipitate economic crisis, with a subsequent collapse of the populist regime. The lessons of this experience are especially valuable for countries in Eastern Europe, as they face major political and economic decisions. Economists and political scientists from the United States and Latin America detail in this volume how and why such programs go wrong and what leads policymakers to repeatedly adopt these policies despite a history of failure. Authors examine this pattern in Argentina, Brazil, Chile, Mexico, Nicaragua, and Peru—and show how Colombia managed to avoid it. Despite differences in how each country implemented its policies, the macroeconomic consequences were remarkably similar. Scholars of Latin America will find this work a valuable resource, offering a distinctive macroeconomic perspective on the continuing controversy over the dynamics of populism.
Download or read book Macroeconomic Policy in Fragile States written by Ralph Chami and published by Oxford University Press. This book was released on 2021-01-26 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: Setting macroeconomic policy is especially difficult in fragile states. Political legitimacy concerns are heightened, raising issues such as who the policymakers are, what incentives they face, and how the process of policymaking is likely to work under limited legitimacy and high uncertainty both about the macroeconomic environment as well as policy effectiveness. In addition, fragility expands the range of policy objectives in ways that may constrain the attainment of standard macroeconomic objectives. Specifically, in the context of fragility policymakers also need to focus on measures to mitigate fragility itself - i.e., they need to address issues such as regional and ethnic economic disparities, youth unemployment, and food price inflation. Socio-political developments around the world have thus pushed policymakers to broaden their toolkit to improve the effectiveness of macroeconomic management in the face of these constraints. The chapters in Macroeconomic Policy in Fragile States address these issues, both by giving an analytical context from which policymakers can build to answer the questions they face in fragile situations as well as by providing lessons drawn from empirical analyses and case studies. The first section of the volume discusses the interactions between political economy considerations and macroeconomic policymaking. The second section covers the private sector environment in fragile states. The third section focuses on macroeconomic policy, especially fiscal policy, monetary policy, exchange rate policy, external flows, and aid effectiveness. The last section explains the role of the IMF in fragile states and concludes by presenting case studies from the Middle East and from Sub-Saharan Africa. The contributors to the volume are economists and political scientists from academia as well as policymakers from international organizations and from countries affected by fragility.
Download or read book Macroeconomic Policy written by Robert J. Barro and published by Harvard University Press. This book was released on 1990 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a collection of 13 papers by a leading proponent of new classical macroeconomics, published between 1981 and 1989. The papers are classified into three topical groups. The five papers in the first section, "Rules versus Discretion," provide an overview of the models and ideas that have been deployed in this policy debate. The next three papers investigate the impact of changes in the money supply on business cycles. The third category contains five papers that address various issues in fiscal policy. Of particular note is Barro's 1989 paper on the resuscitation of the Ricardian equivalence theorem. ISBN 0-674-54080-8: $37.50.
Download or read book Markets and Majorities written by Steven M. Sheffrin and published by . This book was released on 1993 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: When markets work, finding the right economic policy is easy. Government must merely ensure their smooth functioning. But, as Steven M. Sheffrin shows, trouble starts when markets fail to work. Economic failure is too often compounded by political failure in the guise of clumsy partisan regulations. Applying his analysis to seven critical problems - health care, Social Security and Medicare, the environment, the liability crisis, international trade, monetary and international financial policy, and the deficit - Sheffrin pinpoints the market failures at the root of these problems and the heavy-handed regulatory regimes that have exacerbated them, and shows how innovative solutions, sensitive to both market and political failures, can solve them.
