Positive Political Economy Theory and Evidence [Hardcover]

The first coherent empirical investigation of positive models of political economy.Positive political economy investigates how observed differences in institutions affect political and economic outcomes in various social, economic and political systems. It also examines how the institutions themselves change and develop in response to individual and collective beliefs, preferences and strategies. This volume tackles both monetary and real topics in an integrated way, and represents the first coherent empirical investigation of positive models of political economy. The various papers discuss issues of great topicality not just for Europe, but for all developed economies.Positive political economy investigates how observed differences in institutions affect political and economic outcomes in various social, economic and political systems. It also examines how the institutions themselves change and develop in response to individual and collective beliefs, preferences and strategies. This volume tackles both monetary and real topics in an integrated way, and represents the first coherent empirical investigation of positive models of political economy. The various papers discuss issues of great topicality not just for Europe, but for all developed economies.Positive Political Economy investigates how observed differences in institutions affect political and economic outcomes in various social, economic and political systems. It also examines how the institutions themselves change and develop in response to individual and collective beliefs, preferences and strategies. This volume tackles both monetary and real topics in an integrated way, and represents the first coherent empirical investigation of positive models of political economy.Preface; 1. Introduction Sylvester Eijffinger and Harry Huizinga; Part I. Monetary Institutions and Policy: 2. Reputational versus institutional solutions to the time-consistency problem in monetary policy Susanne Lohmann;3. Monetary Union ls#