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.