Publisher: Cambridge University Press
Number of pages: 318
Weight: 410 g
Dimensions: 216 x 140 x 18 mm
Review of the hardback: ' ... the book can be strongly recommended to students and scholars of political economy in the United States and beyond. it is most appropriate for advanced undergraduate courses that require a sound background in macroeconomics and for graduate science courses in political economy.' Professor Richard Rose, Centre for the Study of Public Policy
"Granato and Wong have written an elegant volume that outlines a useful theoretical construct of the issues faced by policymakers in managing business cycles. The implications of their approach go beyond predictions of inflation and output performance. They also extend to recommendations about institutional reform and the role of the political process. Graduate students and academics that teach and think about macroeconomic policy issues will find this book to be a valuable addition to the literature." Pierre Siklos, Wilfrid Laurier University, Canada
"This splendid work of scholarship will be of considerable interest to both economists and political scientists. The argument relates a specific rule-based monetary policy to inflation and output performance on the one hand, and to the expectations and activities around stable and predictable monetary policies." William R. Keech, Carnegie Mellon University
"Innovative in the way it blends historical, mathematical, and statistical analyses and insightful in how it shows that rule-guided policy produced information coordination, Granato and Wong's book is a major contribution to political economy. The Role of Policymakers in Business Cycle Fluctuations will be a valuable resource to scholars who want to understand policy and macroeconomic outcomes in the United States in the Greenspan era and in the years to come." John Freeman, University of Minnesota
"Based on rigorous models and compelling econometric evidence, Granato and Wong's argument is that low inflation and stability of output are mutually reinforcing, with accuracy of inflation expectations playing a key role in producing this outcome. The authors weave together impressive theoretical, historical, and statistical support for their thesis." Henry Chappell, University of South Carolina
"This book provides an accessible and learned guide to the explosion of recent research on the modern theory of macroeconomic stabilization policy. The authors weave discussions of data, history, politics, and macroeconomic theory together in ways that emphasize the key role of private-sector expectations, and show how policymakers can play an important role in coordinating those expectations to minimize volatility." -James Bullard, Federal Reserve Bank of Saint Louis
"Granato and Wong forcefully challenge assumptions about how economic agents form and update their expectations in response to policymaker behavior. Combining insigns and methodologies from economics, statistics, and political science, they show how a policy emphasis on price stability contributes to sustained periods of economic growth. Their models of information, coordination, and learning represent the frontiers of political economy research. This work will serve as a touchstone for a generation of scholars interested in the political determinants of economic performance." - William Bernhard, University of Illinois, Urbana-Champaign
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