Positive Political Economy: Theory and Evidence

doi:10.1017/CBO9780511559662

This book investigates how observed differences in institutions affect political and economic outcomes in various social, economic, and political systems. It also examines how the institutions themselves change and develop in response to individual and collective beliefs, preferences, and strategies. This volume tackles both monetary and real topics in an integrated way, and represents the first coherent empirical investigation of positive models of political economy. The various contributions discuss issues of great topicality not just for Europe, but for all developed economies: why do central banks matter? What determines their independence? How do central bank independence and exchange rate regimes affect monetary integration and activism? The volume also discusses the costs of a monetary union, unemployment benefits, and redistributive taxation.

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Contents

Frontmatter
pp i-vi
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Contents
pp vii-viii
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List of figures
pp ix-ix
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List of tables
pp x-xii
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List of contributors
pp xiii-xiv
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Foreword
pp xv-xvi
- By Arie Kapteyn, Tilburg February 1996
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Introduction
pp 1-6
- By Sylvester Eijffinger, Harry Huizinga
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I - Monetary institutions and policy
pp 7-8
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1 - Reputational versus institutional solutions to the time-consistency problem in monetary policy
pp 9-22
- By Susanne Lohmann
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Comment
pp 22-28
- By Manfred J.M. Neumann
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2 - Reciprocity and political business cycles in federal monetary unions
pp 29-43
- By Jürgen von Hagen
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Comment
pp 43-46
- By Kees Koedijk
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3 - The ultimate determinants of central bank independence
pp 47-74
- By Sylvester Eijffinger, Eric Schaling
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Comment
pp 74-77
- By Lex Hoogduin
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4 - Central bank autonomy and exchange rate regimes – their effects on monetary accommodation and activism
pp 78-110
- By Alex Cukierman, Pedro Rodriguez, Steven B. Webb
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Comment
pp 110-119
- By Jakob De Haan
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5 - Uncertainty, instrument choice, and the uniqueness of Nash equilibrium: microeconomic and macroeconomic examples
pp 120-153
- By Dale W. Henderson, Ning S. Zhu
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Comment
pp 154-161
- By Harald Uhlig
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6 - New empirical evidence on the costs of European Monetary Union
pp 162-180
- By Hélène Erkel-Rousse, Jacques Mélitz
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Comment
pp 181-184
- By Daniel Gros
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II - Exchange rate policy and redistribution
pp 184-186
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7 - Exchange rate anchors and inflation: a political economy approach
pp 187-212
- By Sebastian Edwards
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Comment
pp 213-216
- By Casper De Vries
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8 - Why capital controls? Theory and evidence
pp 217-247
- By Gian Maria Milesi-Ferretti
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Comment
pp 248-252
- By Lans Bovenberg
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9 - The political economy of the Exchange Rate Mechanism
pp 253-264
- By Patrick Minford
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Comment
pp 265-268
- By Jacques Sijben
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10 - Unemployment benefits and redistributive taxation in the presence of labor quality externalities
pp 269-289
- By Harry Huizinga
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Comment
pp 289-293
- By Casper Van Ewijk
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Index
pp 294-296
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Positive Political Economy

Theory and Evidence

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