Macroeconomic Policies of Developed Democracies

This book synthesizes and extends modern political-economic theory to explain the postwar evolution of macroeconomic policy in developed democracies. The chapters 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.

Robert J. Franzese, Jr. is an assistant professor in the Department of Political Science, a faculty associate of the Center for Political Studies of the Institute for Social Research, and a faculty affiliate and advisory board member of the Center for European Studies of the International Institute at the University of Michigan, Ann Arbor.