Political economy in macroeconomics

書誌事項

Political economy in macroeconomics

Allan Drazen

Princeton University Press, c2000

  • : cl
  • : pbk

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注記

Includes bibliographical references (p. [735]-763) and indexes

内容説明・目次

巻冊次

: cl ISBN 9780691016702

内容説明

Originally, economics was called political economy, and those studying it readily accepted that economic decisions are made in a political world. But economics eventually separated itself from politics to pursue rigorous methods of analyzing individual behavior and markets. Recently, an increasing number of economists have turned their attention to the old question of how politics shapes economic outcomes. Until now, this growing literature has lacked a cogent organization and a unified approach. Here, in the first full-length examination of how political forces affect economic policy decisions, Allan Drazen provides a systematic treatment, organizing the increasingly influential "new political economy" as a more established field at the highly productive intersection of economics and political science. This major text will have an enormous impact on students and professionals in political science as well as economics, redefining how decision makers on several continents think about the full range of macroeconomic issues and informing the approaches of the next generation of economists.
巻冊次

: pbk ISBN 9780691092577

内容説明

Originally, economics was called political economy, and those studying it readily accepted that economic decisions are made in a political world. But economics eventually separated itself from politics to pursue rigorous methods of analyzing individual behavior and markets. Recently, an increasing number of economists have turned their attention to the old question of how politics shape economic outcomes. To date, however, this growing literature has lacked a cogent organization and a unified approach. Here, in the first full-length examination of how political forces affect economic policy decisions, Allan Drazen provides a systematic treatment, organizing the increasingly influential "new political economy" as a more established field at the highly productive intersection of economics and political science. Although he provides an extraordinarily helpful guide to the recent explosion of papers on political economy in macroeconomics, Drazen moves far beyond survey, giving definition and structure to the field. He proposes that conflict or heterogeneity of interests should be the field's essential organizing principle, because political questions arise only when people disagree over which economic policies should be enacted or how economic costs and benefits should be distributed. Further, he illustrates how heterogeneity of interests is crucial in every part of political economy. Drazen's approach allows innovative treatment--using rigorous economic models--of public goods and finance, economic growth, the open economy, economic transition, political business cycles, and all of the traditional topics of macroeconomics. This major text will have an enormous impact on students and professionals in political science as well as economics, redefining how decision makers on several continents think about the full range of macroeconomic issues and informing the approaches of the next generation of economists.

目次

Preface xiIntroductory Note xiiiPART I: BASIC ISSUES AND TOOLS OF ANALYSIS 1CHAPTER ONE What is a Political Economy? 31.1 Introduction 31.2 Politics and Economics 51.3 Types of Heterogeneity 91.4 An Illustration of Approaches 121.5 Plan of the Book 18CHAPTER TWO Economic Models for Political Analysis 202.1 Introduction 202.2 The Principal-Agent Problem 222.3 Discrete Time Dynamic Models*b2Dynamic Programming 312.4 The Overlapping Generations Model 352.5 Effects of Uncertain Future Policies 382.6 Conclusions 58CHAPTER THREE Decisionmaking Mechanisms 603.1 Introduction 603.2 How Much Political Detail? 613.3 Choosing Decisionmaking Mechanisms 643.4 Direct Democracy 703.5 Representative Democracy 773.6 Multiparty Systems 853.7 Interest Groups and Lobbying 903.8 Transaction Cost Politics 963.9 Conclusions 98PART II: COMMITMENT, CREDIBILITY, AND REPUTATION 99CHAPTER FOUR The Time-Consistency Problem 1014.1 Introduction 1014.2 Capital Taxation 1044.3 Time Inconsistency as a Conflict of Interests 1104.4 The Barro-Gordon Model 1134.5 Seigniorage Revenue and the Optimum Quantity of Money 1214.6 Commitment versus Flexibility 1264.7 Conclusions 130CHAPTER FIVE Laws, Institutions, and Delegated Authority 1315.1 Introduction 1315.2 Laws, Constitutions, and Social Contracts 1325.3 Delegation of Authority 1405.4 Central Bank Independence 1425.5 Fiscal Structures for Time Consistency 1575.6 Conclusions 164CHAPTER SIX Credibility and Reputation 1666.1 Introduction 1666.2 Reputation 1686.3 "Reputation" under Complete Information 1696.4 Reputation under Incomplete Information--Mimicking 1756.5 Does Reputation "Solve" the Time-Consistency Problem?--Three Caveats 1836.6 Signaling 1876.7 Reputation for Not Reneging on Commitments 1956.8 Credibility and External Circumstances 2016.9 Ambiguity, Secrecy, and Imprecise Control 2086.10 Conclusions 214PART III: HETEROGENEITY AND CONFLICTING INTERESTS 217CHAPTER SEVEN Elections and Changes of Policymakers 2197.1 Introduction 2197.2 Elections and Policymaker Performance 2237.3 The Opportunistic Political Business Cycle 2287.4 Partisan Political Cycles 2467.5 Competence and Prospective Voting 2687.6 Campaign Promises 2787.7 Interactions of the Executive and the Legislature 2837.8 Multiparty Systems and Endogenous Election Dates 2937.9 Tying the Hands of One's Replacement 3007.10 Conclusions 308CHAPTER EIGHT Redistribution 3098.1 Introduction 3098.2 Redistribution of Income 3118.3 Differential Transfers 3188.4 Nonmonetary Redistribution 3248.5 Rent Seeking and Predation 3348.6 Intergenerational Redistribution 3458.7 Redistribution and Mobility 3548.8 Conclusions 370CHAPTER NINE Public Goods 3729.1 Introduction 3729.2 Public Goods--The Neoclassical Approach 3759.3 Provision of Public Goods in Practice 3799.4 Voluntary Provision of Public Goods--Free Riders and Collective Action 3829.5 Voluntary Provision of Public Goods--Clubs 3919.6 The Static Public Goods Game 3959.7 The War of Attrition in Public Goods Provision 3979.8 Conclusions 401CHAPTER TEN Inaction, Delay, and Crisis 40310.1 Introduction 40310.2 Economic Arguments 40710.3 Vested Interests 41110.4 Nonadoption Due to Uncertainty about Individual Benefits 41410.5 "Communication" Failures 42310.6 Conflict over the Burden of Reform 43210.7 Common Property Models 43910.8 Economic Crises 44410.9 Conclusions 454PART IV: APPLICATION TO POLICY ISSUES 455CHAPTER ELEVEN Factor Accumulation and Growth 45711.1 Introduction 45711.2 Basic Models of Fiscal Policy and Capital Accumulation 46111.3 Imperfect Capital Markets, Externalities, and Endogenous Income Distribution 47411.4 Political Institutions and Regimes 48811.5 Socio-Political Instability 50011.6 Empirical Determinants of Growth 51311.7 Conclusions 524CHAPTER TWELVE The International Economy 52612.1 Introduction 526PART I Exchange-Rate Arrangements 52912.2 Fixed versus Flexible Exchange Rates 52912.3 Currency Crises and Contagious Speculative Attacks 53612.4 Monetary Unions 544PART II Macroeconomic Interdependence 55912.5 International Policy Cooperation 55912.6 Political Responses to External Shocks 579PART III International Capital and Aid Flows 58012.7 Capital Controls 58012.8 Sovereign Borrowing 58712.9 Foreign Aid 60112.10 Conclusions 613CHAPTER THIRTEEN Economic Reform and Transition 61513.1 Introduction 61513.2 Defining the Issues 61713.3 Economic and Political Constraints 62113.4 The Implications of Magnitude--A Formal Analysis 62613.5 Heterogeneity and Political Constraints 63213.6 Labor Reallocation 64313.7 Privatization 65313.8 Price Liberalization 66313.9 Conclusions 674CHAPTER FOURTEEN The Size of Government and the Number of Nations 67514.1 Introduction 67514.2 The Scope of Government 67714.3 The Size of Government--Government Spending 67914.4 Government Debt and Deficits 69014.5 Budgetary Rules and Institutions 69714.6 The Number of Nations 70714.7 Conclusions 731Bibliography 735AUTHOR INDEX 765SUBJECT INDEX 771

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