Monetary and Fiscal Policy, Volume 1: Credibility / Edition 1

Monetary and Fiscal Policy, Volume 1: Credibility / Edition 1

ISBN-10:
0262660873
ISBN-13:
9780262660877
Pub. Date:
06/29/1994
Publisher:
MIT Press
ISBN-10:
0262660873
ISBN-13:
9780262660877
Pub. Date:
06/29/1994
Publisher:
MIT Press
Monetary and Fiscal Policy, Volume 1: Credibility / Edition 1

Monetary and Fiscal Policy, Volume 1: Credibility / Edition 1

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Overview

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.

The MIT Press


Product Details

ISBN-13: 9780262660877
Publisher: MIT Press
Publication date: 06/29/1994
Series: Monetary and Fiscal Policy Series , #1
Edition description: First Edition
Pages: 485
Product dimensions: 5.80(w) x 8.90(h) x 1.20(d)
Age Range: 18 Years

About the Author

Torsten Persson is Director of the Institute for International Economic Studies at
Stockholm University and Centennial Professor at the London School of
Economics.

Guido Tabellini is Professor of Economics at Bocconi University in Milan and
President of the Innocenzo Gasparini Institute of Economic Research, also at Bocconi
University.

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