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Political Economics and Macroeconomic Policy

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Author Info

  • Persson, Torsten

    ()
    (Institute for International Economic Studies, Stockholm University)

  • Tabellini , Guido

    ()
    (IGIER, Bocconi University)

Abstract

This paper 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 simply 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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Bibliographic Info

Paper provided by Stockholm University, Institute for International Economic Studies in its series Seminar Papers with number 630.

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Length: 99 pages
Date of creation: 03 Nov 1997
Date of revision:
Handle: RePEc:hhs:iiessp:0630

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Postal: Institute for International Economic Studies, Stockholm University, S-106 91 Stockholm, Sweden
Phone: +46-8-162000
Fax: +46-8-161443
Web page: http://www.iies.su.se/
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Keywords: Political economics; Macroeconomic policy;

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