How will the private sector react to different governmental
policies? What policies will produce the most desirable outcomes?
These two volumes bring together major contributions to a new
theory of macroeconomic policy that analyzes which policies are
credible or politically feasible, topics that are central to the
practical policy debate but that traditional theory cannot
address.Instead of looking at policy as an end product, the
contributors approach policy as an ongoing process of revised
goals, changes in tactics, and political pressures. They consider
what kinds of incentives, within different institutional settings,
drive policymaking and the behavior of policymakers. This approach
allows more informed answers to questions of which policies are
credible and which are politically feasible. It explains why
certain monetary and fiscal policies get implemented, and provides
insights into situations that occur repeatedly in macroeconomic
policy such as the bias toward government deficits, partisan
competition, and central bank independence.Volume 1 examines
problems of policy credibility caused by incentives to deviate from
announced policy. Volume 2 looks at feasibility problems caused by
political pressures generated by the electoral process, the
politics of the public debt, issues of the redistribution of
wealth, and conflict over the need for economic reforms. Sections
are arranged so that the first chapter introduces a topic while
those that follow expand on it. The editors provide substantial
introductions to each volume as well as short comments at the
beginning of each section within the volumes.
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