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Author: Alberto Alesina
Publisher: MIT Press
ISBN: 9780262510943
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
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.
Author: Alberto Alesina
Publisher: MIT Press
ISBN: 9780262510943
Category : Business & Economics
Languages : en
Pages : 322
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Book Description
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.
Author: Allan Drazen
Publisher: Princeton University Press
ISBN: 0691188009
Category : Business & Economics
Languages : en
Pages : 790
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Book Description
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.
Author: Filipe R. Campante
Publisher: LSE Press
ISBN: 1909890707
Category : Business & Economics
Languages : en
Pages : 420
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Book Description
Macroeconomic policy is one of the most important policy domains, and the tools of macroeconomics are among the most valuable for policy makers. Yet there has been, up to now, a wide gulf between the level at which macroeconomics is taught at the undergraduate level and the level at which it is practiced. At the same time, doctoral-level textbooks are usually not targeted at a policy audience, making advanced macroeconomics less accessible to current and aspiring practitioners. This book, born out of the Masters course the authors taught for many years at the Harvard Kennedy School, fills this gap. It introduces the tools of dynamic optimization in the context of economic growth, and then applies them to a wide range of policy questions – ranging from pensions, consumption, investment and finance, to the most recent developments in fiscal and monetary policy. It does so with the requisite rigor, but also with a light touch, and an unyielding focus on their application to policy-making, as befits the authors’ own practical experience. Advanced Macroeconomics: An Easy Guide is bound to become a great resource for graduate and advanced undergraduate students, and practitioners alike.
Author: T. Persson
Publisher: Routledge
ISBN: 1135645590
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
Uses a game theoretic approach to explore which economic policies are 'credible' and 'politically feasible', questions that had eluded traditional macroeconomic approaches.
Author: Douglas A. HIBBS
Publisher: Harvard University Press
ISBN: 0674038630
Category : Political Science
Languages : en
Pages : 422
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Book Description
Here is the most comprehensive and authoritative work to date on relationships between the economy and politics in the years from Eisenhower through Reagan. Extending and deepening his earlier work, which had major impact in both political science and economics, Hibbs traces the patterns in and sources of postwar growth, unemployment, and inflation. He identifies which groups win and lose from inflations and recessions. He also shows how voters' perceptions and reactions to economic events affect the electoral fortunes of political parties and presidents. Hibbs's analyses demonstrate that political officials in a democratic society ignore the economic interests and demands of their constituents at their peril, because episodes of prosperity and austerity frequently have critical influence on voters' behavior at the polls. The consequences of Eisenhower's last recession, of Ford's unwillingness to stimulate the economy, of Carter's stalled recovery were electorally fatal, whereas Johnson's, Nixon's, and Reagan's successes in presiding over rising employment and real incomes helped win elections. The book develops a major theory of macroeconomic policy action that explains why priority is given to growth, unemployment, inflation, and income distribution shifts with changes in partisan control of the White House. The analysis shows how such policy priorities conform to the underlying economic interests and preferences of the governing party's core political supporters. Throughout the study Hibbs is careful to take account of domestic institutional arrangements and international economic events that constrain domestic policy effectiveness and influence domestic economic outcomes. Hibbs's interdisciplinary approach yields more rigorous and more persuasive characterizations of the American political economy than either purely economic, apolitical analyses or purely partisan, politicized accounts. His book provides a useful benchmark for the advocacy of new policies for the 1990s--a handy volume for politicians and their staffs, as well as for students and teachers of politics and economics.
Author: Petar Stankov
Publisher: Routledge
ISBN: 100020071X
Category : Business & Economics
Languages : en
Pages : 109
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Book Description
The Political Economy of Populism explores the interplay between identity, the economy and inequality to explain the dynamics of populist votes since the beginning of the 20th century. The book discusses the political and economic implications of populist governance using data on populist incumbencies and linking it to historical data on the macro economy and democracy. Chapters draw from the most recent political science, economics and other social science literature, as well as historical data, to explain the long-term causes and consequences of populism. Populism emerges and gains traction when political entrepreneurs exploit underlying identity conflicts for political gains. As the distributional consequences of both economic distress and economic growth typically favor the elite over the poor and the lower middle class, economic shocks usually sharpen the underlying identity conflicts between the groups. The book provides evidence of significant differences in the ways fiscal and monetary policies are conducted by incumbent populists in Latin America, Europe and the OECD. The work concludes by suggesting avenues through which a 21st century social consensus can be built, so that our society can avoid repeating the mistakes that led to wars and failed economic experiments in the 20th century. The Political Economy of Populism marks a significant contribution to the study of populism and is suited to students and scholars across the social sciences, including economics, political science and sociology.
Author: Bruno S. Frey
Publisher: Edward Elgar Publishing
ISBN: 9781858983998
Category : Business cycles
Languages : en
Pages : 0
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Book Description
A collection of articles on how the government influences the economy in order to secure re-election. This book surveys the empirical and major theoretical approaches, such as vote maximization, partisan and vote-cum-partisan models, and rational political business cycles. It provides extensions including the role of the central bank, of direct democracy, and the cycles in European communist countries, as well as discussing policy relevance.
Author: Martin Eichenbaum
Publisher: University of Chicago Press
ISBN: 022649036X
Category : Business & Economics
Languages : en
Pages : 587
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Book Description
The thirty-first edition of the NBER Macroeconomics Annual features theoretical and empirical research on central issues in contemporary macroeconomics. The first two papers are rigorous and data-driven analyses of the European financial crisis. The third paper introduces a new set of facts about economic growth and financial ratios as well as a new macrofinancial database for the study of historical financial booms and busts. The fourth paper studies the historical effects of Federal Reserve efforts to provide guidance about the future path of the funds rate. The fifth paper explores the distinctions between models of price setting and associated nominal frictions using data on price setting behavior. The sixth paper considers the possibility that the economy displays nonlinear dynamics that lead to cycles rather than long-term convergence to a steady state. The volume also includes a short paper on the decline in the rate of global economic growth.
Author: Germán Gutiérrez
Publisher: International Monetary Fund
ISBN: 1513519611
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
We combine a structural model with cross-sectional micro data to identify the causes and consequences of rising concentration in the US economy. Using asset prices and industry data, we estimate realized and anticipated shocks that drive entry and concentration. We validate our approach by showing that the model-implied entry shocks correlate with independently constructed measures of entry regulations and M&As. We conclude that entry costs have risen in the U.S. over the past 20 years and have depressed capital and consumption by about seven percent.
Author: Martin Eichenbaum
Publisher: University of Chicago Press
ISBN: 022639574X
Category : Business & Economics
Languages : en
Pages : 517
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Book Description
This year, the NBER Macroeconomics Annual celebrates its thirtieth volume. The first two papers examine China’s macroeconomic development. “Trends and Cycles in China's Macroeconomy” by Chun Chang, Kaiji Chen, Daniel F. Waggoner, and Tao Zha outlines the key characteristics of growth and business cycles in China. “Demystifying the Chinese Housing Boom” by Hanming Fang, Quanlin Gu, Wei Xiong, and Li-An Zhou constructs a new house price index, showing that Chinese house prices have grown by ten percent per year over the past decade. The third paper, “External and Public Debt Crises” by Cristina Arellano, Andrew Atkeson, and Mark Wright, asks why there appear to be large differences across countries and subnational jurisdictions in the effect of rising public debts on economic outcomes. The fourth, “Networks and the Macroeconomy: An Empirical Exploration” by Daron Acemoglu, Ufuk Akcigit, and William Kerr, explains how the network structure of the US economy propagates the effect of gross output productivity shocks across upstream and downstream sectors. The fifth and sixth papers investigate the usefulness of surveys of household’s beliefs for understanding economic phenomena. “Expectations and Investment,” by Nicola Gennaioli, Yueran Ma, and Andrei Shleifer, demonstrates that a chief financial officer's expectations of a firm's future earnings growth is related to both the planned and actual future investment of that firm. “Declining Desire to Work and Downward Trends in Unemployment and Participation” by Regis Barnichon and Andrew Figura shows that an increasing number of prime-age Americans who are not in the labor force report no desire to work and that this decline accelerated during the second half of the 1990s.
