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Political economics and macroeconomic policy

In: Handbook of Macroeconomics

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Persson, Torsten
Tabellini, Guido

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Abstract

This chapter surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three parts. Part I deals with monetary policy in a simple Phillips curve model: it covers credibility issues, political business cycles, and optimal design of monetary institutions. Part II deals with fiscal policy in a dynamic general equilibrium set up: the main topics here are credibility of tax policy, and political determinants of budget deficits. Part III studies economic growth in models with endogenous fiscal policy.

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This chapter was published in: J. B. Taylor & M. Woodford (ed.) Handbook of Macroeconomics, , chapter 22, pages 1397-1482, 1999.

This item is provided by Elsevier in its series Handbook of Macroeconomics with number 1-22.

Handle: RePEc:eee:macchp:1-22

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This chapter was published in the following book, which is listed on IDEAS:
J. B. Taylor & M. Woodford (ed.), 1999. "Handbook of Macroeconomics," Handbook of Macroeconomics, Elsevier, edition 1, volume 1, number 1. [Downloadable!] (restricted)
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E0 - Macroeconomics and Monetary Economics - - General

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This page was last updated on 2009-6-26.

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