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Macroeconomic Politics and the Costs of Democracy
Macroeconomic Theories and Their Political
Voters Elections Accountability and Choice
accountability administration Alesina alternative American argue argument automatic balanced budget behavior benevolent dictator central bank Chapter choice Congress consequences consider costs of democracy countercyclical Cukierman debt deficits defined democratic institutions democratic politics democratic process discretion discretionary economic performance economic policy economists elections electoral cycle ences example expectations expenditures Federal Reserve fiscal policy Friedman goals Hibbs hyperinflation identified incentives income growth increase incumbent inflation inflation and unemployment inside lag Keech Keynesian economics legislative macroeconomic issues macroeconomic theory manipulation maximize ment misery index monetarism monetarist monetary authorities monetary policy money growth money supply natural rate nomic Nordhaus outcomes output partisan differences partisanship party differences period Phillips curve policymaking political process politicians possible preferences President presidential procedures programs public officials rate of unemployment rational expectations Reagan recession Republican retrospective revenues rules seignorage social welfare functions strategy targets tion tive unemployment voters voting welfare function