David Kiefer
Macroeconomic Policy and Public Choice (eBook, PDF)
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David Kiefer
Macroeconomic Policy and Public Choice (eBook, PDF)
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This book considers the connections between macroeconomics and government politics. The central idea is the existence of a political economic equilibrium in which the government acts to dampen the business cycle. Special attention is given to relevant data and to the possibility of hypothesis testing. This is a revised and extended study edition that is updated to include topics such as political business cycles, government debt, and deficit and social security.
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This book considers the connections between macroeconomics and government politics. The central idea is the existence of a political economic equilibrium in which the government acts to dampen the business cycle. Special attention is given to relevant data and to the possibility of hypothesis testing. This is a revised and extended study edition that is updated to include topics such as political business cycles, government debt, and deficit and social security.
Dieser Download kann aus rechtlichen Gründen nur mit Rechnungsadresse in A, B, BG, CY, CZ, D, DK, EW, E, FIN, F, GR, HR, H, IRL, I, LT, L, LR, M, NL, PL, P, R, S, SLO, SK ausgeliefert werden.
Produktdetails
- Produktdetails
- Verlag: Springer Berlin Heidelberg
- Seitenzahl: 275
- Erscheinungstermin: 6. Dezember 2012
- Englisch
- ISBN-13: 9783642605642
- Artikelnr.: 53092754
- Verlag: Springer Berlin Heidelberg
- Seitenzahl: 275
- Erscheinungstermin: 6. Dezember 2012
- Englisch
- ISBN-13: 9783642605642
- Artikelnr.: 53092754
A Historical Introduction: The Keynesian revolution and the evolution of government`s role.- Keynesian orthodoxy.- The political consequences of depression proofing.- The economic consequences of depression proofing.- Schools of thought.- Ideology and politics.- The market failure rationale for government intervention.- Public choice.- Conclusion.- Microeconomic Foundations: Introduction.- Consumers.- Producers.- General equilibrium.- Pareto efficiency.- Social welfare functions.- Unemployment and inflation.- The government budget and economic policy.- Conclusion.- Social Choice: Introduction.- The theoretical superiority of majority rule.- The impossibility of asking for move.- Median voter model.- Two-dimensional social choice.- Probabilistic voting.- Political information and party ideology.- Conclusion.- Short-Run Macro Models: Introduction.- Classical macro from microfoundations.- Rationed equilibrium and rigid prices.- Non-Walrasian equilibria.- A Cobb-Douglas example.- Unemployment equilibrium with imperfect competition.- Conclusion.- The Phillips Curve and Expectations: Introduction.- The natural rate hypothesis.- Unemployment and output gaps.- Expectations about inflation in the future.- Econometric uncertainty.- One model of supply: producer uncertainty.- Another model: predetermined wages.- New classical macroeconomics.- Conclusion.- Fiscal and Monetary Policy: Introduction.- Accounting peculiarities in the US budget.- Built-in stabilizers.- Balanced and unbalanced budgets.- Doubts about fiscal policy effectiveness.- The Federal Reserve and the president.- Describing the money stock.- Causality tests.- Spurious regression.- Conclusion.- Keynesian Business Cycles: Introduction.- Cycles in a Keynesian model.- A linear econometric model.- Linear versus nonlinear models.- Specification uncertainty.- Dynamic behavior.- Conclusion.- Citizen Preferences for Stabilization: Introduction.- Incumbent performance and voter preferences.- Presidential popularity.- Modeling popularity.- Results.- Conclusion.- Endogenous Stabilization and Macroeconomic Ideology: Introduction.- New Keynesian stabilization analysis.- New classical stabilization analysis.- Ideology.- Perceptions and expected utility.- Plausible parameter values.- The zero-inflation rule and inflation rule and inflation volatility.- Voters should prefer conservatives, under certain conditions.- Uncertainty about candidate platforms.- Conclusion.- Appendix.- Theories of the Political Business Cycle: Introduction.- Election opportunism.- Partisan macroeconomics.- Forward-looking expectations.- Backward-looking expectations.- Growth rate targets.- Generalizations.- Conclusion.- Evidence of Political Business Cycles: US observations remain unexplainted.- Econometric specification.- Regression results.- Observations from 18 OECD democracies.- Regression tests for the OECD.- Alternative OECD results.- Conclusion.- Government Debt, Deficit and Social Security: Public debt in the short- and long-run.- Overlapping generations and efficiency.- Public debt.- Pay-as-you-go social security.- Overlapping generations and equity.- Market imperfections in the credit market.- The Ricardian equivalence theorem.- Rationality, taboo or inertia.- Economic growth and the bequest constraint.- Social security.- Conclusion.- Appendix: More overlapping scenarios.- Conclusion: The Keynesian revolution.- Foundations.- Weak evidence of policy effectiveness.- Rational expectations and the Phillips curve.- An inherently unstable equilibrium.- Stabilization and conservatism.- Doubts about rational expectations.- Long-run Keynesian outcomes.
A Historical Introduction: The Keynesian revolution and the evolution of government`s role.- Keynesian orthodoxy.- The political consequences of depression proofing.- The economic consequences of depression proofing.- Schools of thought.- Ideology and politics.- The market failure rationale for government intervention.- Public choice.- Conclusion.- Microeconomic Foundations: Introduction.- Consumers.- Producers.- General equilibrium.- Pareto efficiency.- Social welfare functions.- Unemployment and inflation.- The government budget and economic policy.- Conclusion.- Social Choice: Introduction.- The theoretical superiority of majority rule.- The impossibility of asking for move.- Median voter model.- Two-dimensional social choice.- Probabilistic voting.- Political information and party ideology.- Conclusion.- Short-Run Macro Models: Introduction.- Classical macro from microfoundations.- Rationed equilibrium and rigid prices.- Non-Walrasian equilibria.- A Cobb-Douglas example.- Unemployment equilibrium with imperfect competition.- Conclusion.- The Phillips Curve and Expectations: Introduction.- The natural rate hypothesis.- Unemployment and output gaps.- Expectations about inflation in the future.- Econometric uncertainty.- One model of supply: producer uncertainty.- Another model: predetermined wages.- New classical macroeconomics.- Conclusion.- Fiscal and Monetary Policy: Introduction.- Accounting peculiarities in the US budget.- Built-in stabilizers.- Balanced and unbalanced budgets.- Doubts about fiscal policy effectiveness.- The Federal Reserve and the president.- Describing the money stock.- Causality tests.- Spurious regression.- Conclusion.- Keynesian Business Cycles: Introduction.- Cycles in a Keynesian model.- A linear econometric model.- Linear versus nonlinear models.- Specification uncertainty.- Dynamic behavior.- Conclusion.- Citizen Preferences for Stabilization: Introduction.- Incumbent performance and voter preferences.- Presidential popularity.- Modeling popularity.- Results.- Conclusion.- Endogenous Stabilization and Macroeconomic Ideology: Introduction.- New Keynesian stabilization analysis.- New classical stabilization analysis.- Ideology.- Perceptions and expected utility.- Plausible parameter values.- The zero-inflation rule and inflation rule and inflation volatility.- Voters should prefer conservatives, under certain conditions.- Uncertainty about candidate platforms.- Conclusion.- Appendix.- Theories of the Political Business Cycle: Introduction.- Election opportunism.- Partisan macroeconomics.- Forward-looking expectations.- Backward-looking expectations.- Growth rate targets.- Generalizations.- Conclusion.- Evidence of Political Business Cycles: US observations remain unexplainted.- Econometric specification.- Regression results.- Observations from 18 OECD democracies.- Regression tests for the OECD.- Alternative OECD results.- Conclusion.- Government Debt, Deficit and Social Security: Public debt in the short- and long-run.- Overlapping generations and efficiency.- Public debt.- Pay-as-you-go social security.- Overlapping generations and equity.- Market imperfections in the credit market.- The Ricardian equivalence theorem.- Rationality, taboo or inertia.- Economic growth and the bequest constraint.- Social security.- Conclusion.- Appendix: More overlapping scenarios.- Conclusion: The Keynesian revolution.- Foundations.- Weak evidence of policy effectiveness.- Rational expectations and the Phillips curve.- An inherently unstable equilibrium.- Stabilization and conservatism.- Doubts about rational expectations.- Long-run Keynesian outcomes.