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Economic Policy and Performance in Industrial Democracies: Party Governments, Central Banks and the Fiscal-Monetary Policy Mix book cover

1st Edition

Economic Policy and Performance in Industrial Democracies Party Governments, Central Banks and the Fiscal-Monetary Policy Mix

By Takayuki Sakamoto Copyright 2008
356 Pages 83 B/W Illustrations
by Routledge

356 Pages 83 B/W Illustrations
by Routledge

This book is the first systematic study of how the interdependence of fiscal and monetary policies and the interaction of party governments and central banks affect the fiscal-policy mix in eighteen industrial democracies in North America, Western Europe, Japan and Oceania. Sakamoto argues that central banks’ influence on economic policy is far more extensive than has been conventionally... Read more
1. Introduction 2. Party Governments-Central Banks Interaction: The Fiscal-Monetary Policy Mix 3. Change in the Economic Environment, Political Actors and Adjustment 4. The Political-Economic Determinants of Economic Policy and Outcomes: Basic Empirical Results 5. Party Governments, Central Banks and Labor: Empirical Evidence for Interactive Effects 6. Conclusion

Biography

Takayuki Sakamoto is assistant professor of political science at Southern Methodist University (USA).

"This book considers the joint choice of monetary and fiscal policy by monetary and fiscal authorities, the central bank and the government, which are separate entities with differing objectives insofar as the former is independent of the latter. It considers the combination of multiple characteristics of these governments and their institutional-structural environments—left/right partisanship, fractionalization, labour-market organization and institutions, and election-year incentives—in explaining these policy choices. No previous work in political science of which I am aware gives as serious and sustained attention to this political economy of the joint fiscal/monetary choices of policymakers in as richly contextualized institutional-structural environments."

Robert J. Franzese, Jr., Associate Professor of Political Science, The University of Michigan

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