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Macroeconomic Policy and Public Choice

- Macroeconomic Policy and Public Choice Study Edition

  • Format
  • Bog, paperback
  • Engelsk

Beskrivelse

Subject of this book is the intersection between political science and macroeconomics. The central idea is the existence of a political economic equilibrium in which the government acts to dampen the business cycle. The election cycle implies that this equilibrium may be a cycle rather than a point. An extension of new Keynesian theory provides a model of endogenous stabilization in which the government practices short-run stabilization policy which dampens the impact of exogenous shocks. This is a situation in which rational voters favor discretionary policy over a fixed policy rule even with rational economic agents. Special attention is given to the relevant data and to the possibilities of hypothesis testing.

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10 cm
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15,5 cm
23,5 cm

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