Macroeconomic Policies of Developed Democracies (Cambridge Studi

Macroeconomic Policies of Developed DemocraciesAuthor(s): Robert J. Franzese, Jr\nFormat: Hardback\nPublisher: Cambridge University Press, United Kingdom\nImprint: Cambridge University Press\nISBN-13: 9780521802949, 978-0521802949\nSynopsis\nThis book synthesizes and extends modern political-economic theory to explain the postwar evolution of macroeconomic policy in developed democracies. Chapters 2-4 study transfers, debt, and monetary/wage policy-making and outcomes, stressing that participation enhances transfer-policy responsiveness to inequality and vice versa, that policy-making veto actors retard fiscal-policy adjustments, inducing greater long-run debt-responses to all other political-economic stimuli, and that monetary policy's nominal and real effects depend, respectively, on the broader political-economic interest-structure and on wage-price bargainers' sectorial composition and coordination. Broadly, the book argues that these developments have exacerbated the distributio.