Macroeconomic Policies of Developed Democracies [Paperback]

Modern political-economic theory explains the postwar evolution of macroeconomic policy in developed democracies.This book synthesizes and extends modern political-economic theory to explain the postwar evolution of macroeconomic policy in developed democracies. Chapters II-IV study transfers, debt, and monetary/wage policy-making and outcomes, stressing that participation enhances transfer-policy responsiveness to inequality and vice versa, that policy-making veto actors retard fiscal-policy adjustments, inducing greater long-run debt-responses to all other political-economic stimuli, and that monetary policy's nominal and real effects depend, respectively, on the broader political-economic interest-structure and on wage-price bargainers' sectorial composition and coordination.This book synthesizes and extends modern political-economic theory to explain the postwar evolution of macroeconomic policy in developed democracies. Chapters II-IV study transfers, debt, and monetary/wage policy-making and outcomes, stressing that participation enhances transfer-policy responsiveness to inequality and vice versa, that policy-making veto actors retard fiscal-policy adjustments, inducing greater long-run debt-responses to all other political-economic stimuli, and that monetary policy's nominal and real effects depend, respectively, on the broader political-economic interest-structure and on wage-price bargainers' sectorial composition and coordination.This book synthesizes and extends modern political-economic theory to explain the postwar evolution of macroeconomic policy in developed democracies. The chapters study transfers, debt, and monetary/wage policy-making and outcomes, stressing that participation enhances transfer policy responsiveness to inequality and vice versa, that policy-making veto actors retard fiscal policy adjustments, inducing greater long run debt-responses to all other political-economic stimuli, and that monetary policy's nominal and real effects depenl#X