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U.S. politics and the American macroeconomy / Gerald T. Fox.

By: Material type: TextTextSeries: Economics collectionPublisher: New York, New York (222 East 46th Street, New York, NY 10017) : Business Expert Press, [(c)2015.]Edition: First editionDescription: 1 online resource (181 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781606495339
Other title:
  • United States politics and the American macroeconomy
Subject(s): Genre/Form: Additional physical formats: Print version:: No titleLOC classification:
  • HC106.84
Online resources: Available additional physical forms:
Contents:
1. Introduction: political macroeconomy -- 2. Macroeconomic measurements and the business cycle -- 3. Mainstream macroeconomic theory and the expectational Phillips curve model -- 4. Fiscal and monetary policies -- 5. Voter rationality and macroeconomic preferences -- 6. Electoral political business cycle -- 7. Partisan political business cycle -- 8. Evidence of electoral and partisan cycles -- 9. Other PBC considerations regarding macroeconomic policy -- 10. Economic influence on public sentiment and voter behavior -- 11. Conclusion -- References -- Index.
Abstract: This book considers the interrelation among macroeconomic politics, macroeconomic policymakers, macroeconomic policies, and macroeconomic performance. This interaction is examined using the expectational Phillips curve model, which measures macroeconomic outcomes in terms of inflation and unemployment. In this book, the subject of macroeconomic politics mainly focuses on voter behavior, presidential re-election ambition, and political party priorities. These factors influence the macroeconomic policy actions of the president, Congress, and the central bank. This analysis takes into account both fiscal and monetary policies. Our examination of citizen sentiment is based on rational voter theory and the median voter model. We compare the effects of macroeconomic farsightedness versus shortsightedness among voters. We also contrast the conservative versus liberal perspectives on macroeconomic policy and performance. The empirical component of our analysis examines the electoral and partisan political business cycle effects upon the U.S. economy, and we find evidence of idiosyncratic effects during the time frame of 1961 through 2014. Finally, we discuss macroeconomic influence on various measures of voter sentiment, such as presidential job approval as well as presidential and congressional election outcomes.
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1. Introduction: political macroeconomy -- 2. Macroeconomic measurements and the business cycle -- 3. Mainstream macroeconomic theory and the expectational Phillips curve model -- 4. Fiscal and monetary policies -- 5. Voter rationality and macroeconomic preferences -- 6. Electoral political business cycle -- 7. Partisan political business cycle -- 8. Evidence of electoral and partisan cycles -- 9. Other PBC considerations regarding macroeconomic policy -- 10. Economic influence on public sentiment and voter behavior -- 11. Conclusion -- References -- Index.

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This book considers the interrelation among macroeconomic politics, macroeconomic policymakers, macroeconomic policies, and macroeconomic performance. This interaction is examined using the expectational Phillips curve model, which measures macroeconomic outcomes in terms of inflation and unemployment. In this book, the subject of macroeconomic politics mainly focuses on voter behavior, presidential re-election ambition, and political party priorities. These factors influence the macroeconomic policy actions of the president, Congress, and the central bank. This analysis takes into account both fiscal and monetary policies. Our examination of citizen sentiment is based on rational voter theory and the median voter model. We compare the effects of macroeconomic farsightedness versus shortsightedness among voters. We also contrast the conservative versus liberal perspectives on macroeconomic policy and performance. The empirical component of our analysis examines the electoral and partisan political business cycle effects upon the U.S. economy, and we find evidence of idiosyncratic effects during the time frame of 1961 through 2014. Finally, we discuss macroeconomic influence on various measures of voter sentiment, such as presidential job approval as well as presidential and congressional election outcomes.

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