Cover: The American Political Economy: Macroeconomics and Electoral Politics, from Harvard University PressCover: The American Political Economy in PAPERBACK

The American Political Economy

Macroeconomics and Electoral Politics

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Print on Demand

$50.00 • £43.95 • €45.95

ISBN 9780674027367

Publication Date: 03/15/1989



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  • Introduction: A Framework for the Analysis of Macroeconomics and Electoral Politics
    • Macroeconomic and Institutional Background
    • The Demand for Economic Outcomes
    • The Supply of Economic Outcomes
  • I. Macroeconomic and Institutional Background
    • 1. Postwar American Macroeconomic Performance in Historical Perspective
      • Growth and Unemployment
      • Inflation
      • The Bias toward Inflation
      • Monetary Policy, the Financial System, and Economic
      • Stabilization
      • Fiscal Policy and Economic Stabilization
      • The Security–Inflation Trade-Off
    • 2. The Costs of Unemployment
      • Defining, Interpreting, and Measuring Unemployment
      • The Aggregate Costs of Unemployment
      • The Incidence of Unemployment
      • The Costs of Unemployment to Individuals
    • 3. The Costs of Inflation
      • Defining and Measuring Inflation
      • Recent Trends and Fluctuations in the Underlying Inflation Rate
      • Inflation and the Distribution of Personal Income
      • Inflation and Personal Income Growth Rates
      • Inflation and Corporate Profitability
      • Saving, Investment, and Inflation
      • Inflation’s True Costs
  • II. The Demand for Economic Outcomes
    • 4. Public Concern about Inflation and Unemployment
      • The Salience of the Economy as a Public Issue
      • The Distribution of Concern about Inflation and Unemployment in the General Electorate
      • The Distribution of Concern about Inflation and Unemployment among Income, Occupational, and Partisan Groups
    • 5. Macroeconomic Performance and Mass Political Support for the President
      • The Political Support Model
      • Empirical Results
      • A Concluding Word on the Economy and Political Support for Presidents
    • 6. Economic Performance and the 1980 and 1984 Elections
      • Landslide Elections in Recent History
      • Election Cycle Economics in 1980 and 1984
      • Rule-of-Thumb Statistical Models for Presidential Voting Outcomes
      • Evidence from the Surveys
      • Implications for the Future of Conservative Republicanism
  • III. The Supply of Economic Outcomes
    • 7. Political Parties and Macroeconomic Policies and Outcomes
      • The Party Cleavage Model
      • Unemployment and Real Output under the Parties
      • Empirical Results for the Models
      • Distributional Outcomes under the Parties
      • Macroeconomic Policies
    • 8. Political Business Cycles
      • The Theory of Election Cycles
      • Empirical Analysis of Election Cycles
      • Election Cycles and Partisan Cycles
      • Politics and the Economy
    • 9. Macroeconomic and Distributional Outcomes during Reagan’s First Four Years
      • Macroeconomic Goals, Policies, and Outcomes under Reagan
      • Distributional Politics and Partisan Cleavages in Congress
      • Distributional Consequences of the Reagan Fiscal Program
      • The Legacy of Reaganomics to the American Political Economy
  • Notes
  • Index

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