Political Business Cycles

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Editorial Reviews

Contains 23 seminal papers published between 1943 and 1994. The papers in the first three sections include surveys, such as William D. Nordhaus' "Alternative Approaches to the Political Business Cycle" (1989); forerunners, including one forgotten 1943 article by Michael Kalecki; and empirical accounts of the political cycle. The central contributions to the field are presented under three headings: the vote maximizing models, the partisan models, and the vote-cum-partisan models. The final sections discuss the rational political business cycles; some extensions, such as political systems beyond representative democracies; and the policy relevance of political business cycles. No index. Annotation c. by Book News, Inc., Portland, Or.
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Table of Contents

Introduction by the editor
1 Politico-economic Models of Macroeconomic Policy: A Review of the Empirical Evidence 3
2 Alternative Approaches to the Political Business Cycle 40
3 Democracy, Elections, and Macroeconomic Policy: Two Decades of Progress 92
4 Political Aspects of Full Employment 119
5 Political Economic Cycles 129
6 Towards a Mathematical Model of Government Behaviour 140
7 The Years of Plenty and the Years of Famine - A Political Business Cycle? 169
8 The Electoral-economic Cycle 173
9 Is there an Electional Cycle? A Comparative Study of National Accounts 201
10 The Political Economy of New Deal Spending: An Econometric Analysis 223
11 The Political Business Cycle 232
12 Political Parties and Macroeconomic Policy 257
13 Political Cycles in OECD Economies 278
14 Partisan Theory after Fifteen Years 304
15 An Empirical Study of Politico-economic Interaction in the United States 319
16 On the Theory of Optimal Government Behaviour 329
17 Political Models of the Business Cycle Should be Revived 358
18 Elections and Macroeconomic Policy Cycles 385
19 Evaluating Rational Partisan Business Cycle Theory 401
20 Presidential Elections and Federal Reserve Policy: An Empirical Test 425
21 Politico-economic Interdependence in a Direct Democracy: The Case of Switzerland 437
22 Empirical Analysis of Politico-economic Interaction in East European Countries 455
23 Stabilization Policy in Open Economies with Endogenous Politicians 473
Name Index 493
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