This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...

This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...

This chapter surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...

This paper surveys the recent literature on the theory of macroeconomic policy. We study the effect of various incentive constraints on the policy making process, such as lack of credibility, political opportunism, political ideology, and divided government. The survey is organized in three...

Im Laufe des Jahres 1997 hat sich der makroökonimische Datenkranz verbessert. Das reale Bruttoinlandsprodukt (BIP) ist um 1,5% gestiegen. Die Arbeitslosenquote erhöhte sich allerdings um 0,2 Prozentpunkte auf 12,3%. 1998 stützen die weitere monetäre Lockerung, die kaum noch restriktive...

1994 wuchs das reale Bruttoinlandsprodukt (BIP) um 2,2%, gleichzeitig erhöhte sich jedoch die Arbeitslosenquote um gut 1 Prozentpunkt auf 11,3%. Die Handelsbilanz hat sich 1994 nochmals verbessert (Exporte stiegen um 15,2%). Konsumentenpreise stiegen um durchschnittlich 4%. Obwohl die...