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A ruling party decides each of two periods on the level of public goods which it finances by means of taxation and internal debt. The debt has to be honoured by the government of the second period. Between the two periods elections take place, which may change the ruling party. The book analyzes the fiscal decision of the first government which aims to maximize the long run utility of its representative voter. Conditions under which the government uses debt strategically in order to stay in power are identified. It is also shown how the fiscal decisions hinge on the populations' political structure and its beliefs about the future government.
Political economists consider the political and economic factors that affect a country's choice of monetary institutions. Recent analysis by political economists of monetary institution determinants in different countries has been limited by the fact that exchange rate regimes and central bank institutions are studied in isolation from each other, without examining how one institution affects the costs and benefits of the other. By contrast, the contributors to this volume analyze the choice of exchange rate regime and level of central bank independence together; the articles (originally published in a special issue of International Organization) constitute a second generation of research on the determinants of monetary institutions. The contributors consider both economic and political factors to explain a country's choice of monetary institutions, and examine the effect of political processes in democracies, including interest group pressure, on the balance between economic and distributional policy.
What determines the size and form of redistributive programs, the extent and type of public goods provision, the burden of taxation across alternative tax bases, the size of government deficits, and the stance of monetary policy during the course of business and electoral cycles? A large and rapidly growing literature in political economics attempts to answer these questions. But so far there is little consensus on the answers and disagreement on the appropriate mode of analysis. Combining the best of three separate traditions—the theory of macroeconomic policy, public choice, and rational choice in political science—Torsten Persson and Guido Tabellini suggest a unified approach to the field. As in modern macroeconomics, individual citizens behave rationally, their preferences over economic outcomes inducing preferences over policy. As in public choice, the delegation of policy decisions to elected representatives may give rise to agency problems between voters and politicians. And, as in rational choice, political institutions shape the procedures for setting policy and electing politicians. The authors outline a common method of analysis, establish several new results, and identify the main outstanding problems.
Both Hands Tied studies the working poor in the United States, focusing in particular on the relation between welfare and low-wage earnings among working mothers. Grounded in the experience of thirty-three women living in Milwaukee and Racine, Wisconsin, it tells the story of their struggle to balance child care and wage-earning in poorly paying and often state-funded jobs with inflexible schedules—and the moments when these jobs failed them and they turned to the state for additional aid. Jane L. Collins and Victoria Mayer here examine the situations of these women in light of the 1996 national Personal Responsibility and Work Opportunity Reconciliation Act and other like-minded reforms—laws that ended the entitlement to welfare for those in need and provided an incentive for them to return to work. Arguing that this reform came at a time of gendered change in the labor force and profound shifts in the responsibilities of family, firms, and the state, Both Hands Tied provides a stark but poignant portrait of how welfare reform afflicted poor, single-parent families, ultimately eroding the participants’ economic rights and affecting their ability to care for themselves and their children.
The economic influence of central banks has received ever more attention given their centrality during the financial crises that led to the Great Recession, strains in the European Union, and the challenges to the Euro. The Oxford Handbook of the Economics of Central Banking reflects the state of the art in the theory and practice and covers a wide range of topics that will provide insight to students, scholars, and practitioners. As an up to date reference of the current and potential challenges faced by central banks in the conduct of monetary policy and in the search for the maintenance of financial system stability, this Oxford Handbook covers a wide range of essential issues. The first section provides insights into central bank governance, the differing degrees of central bank independence, and the internal dynamics of their decision making. The next section focuses on questions of whether central banks can ameliorate fiscal burdens, various strategies to affect monetary policy, and how the global financial crisis affected the relationship between the traditional focus on inflation targeting and unconventional policy instruments such as quantitative easing (QE), foreign exchange market interventions, negative interest rates, and forward guidance. The next two sections turn to central bank communications and management of expectations and then mechanisms of policy transmission. The fifth part explores the challenges of recent developments in the economy and debates about the roles central banks should play, focusing on micro- and macro-prudential arguments. The implications of recent developments for policy modeling are covered in the last section. The breadth and depth enhances understanding of the challenges and opportunities facing central banks.
This essential book on fly tying will teach anyone how to tie flies. All the important techniques are illustrated with color photographs, from starting the thread on the hook to whip finishing. The book lays the basic ground work by fully explaining simple tying techniques, and then progresses to detailed tying instructions for some of the most popular, modern patterns. How to choose and prepare the correct material, and all the necessary tying steps for each fly, are detailed in superb, large, color photographs. Even if you have no previous tying experience, you'll be able to tie dries, nymphs, streamers, saltwater offerings, and bass bugs after just a few sessions with this book. The tyer is then advised how to progress to similar patterns using the same basic techniques. Also included is a huge reference of fly patterns - more than four hundred flies from the Orvis catalog are shown in full color, along with the tying recipes and proportions for each one. This book, drawing from the Orvis Company's vast resources and teaching experience and written by an author whose name is synonymous with Orvis, has become the bible for fly-tyers of all skill levels.
At the end of the 20th century, mainstream economics was based on theories which viewed capitalism as a self-regulating system, whereby crises come about due to external shocks and would be automatically corrected by the price mechanism if it was flexible enough. Post-Keynesian economists, however, consider that the business cycle and the crises are endogenously generated. They recommend active policies as a response, though the remedies may be worse than the illness if they are not applied at the right moment and in the right proportions. The first great recession of the 21st century offers post-Keynesian economists an opportunity to prove the realism of their models. It is also a chance to make theoretical improvements, to abandon some hypotheses and to introduce new ones. This book, from a top group of international economists, analyzes the causes, consequences and evolution of the crisis from a variety of post-Keynesian perspectives. It then presents a case for realistic and essential remedies. The book is both theoretical and applied, with a global reach and a particular focus on the European debt crisis.
An anthology of writings by thinkers ranging from Freeman Dyson to Bruno Latour that focuses on the interconnections of technology, society, and values and how these may affect the future. Technological change does not happen in a vacuum; decisions about which technologies to develop, fund, market, and use engage ideas about values as well as calculations of costs and benefits. This anthology focuses on the interconnections of technology, society, and values. It offers writings by authorities as varied as Freeman Dyson, Laurence Lessig, Bruno Latour, and Judy Wajcman that will introduce readers to recent thinking about technology and provide them with conceptual tools, a theoretical framework, and knowledge to help understand how technology shapes society and how society shapes technology. It offers readers a new perspective on such current issues as globalization, the balance between security and privacy, environmental justice, and poverty in the developing world. The careful ordering of the selections and the editors' introductions give Technology and Society a coherence and flow that is unusual in anthologies. The book is suitable for use in undergraduate courses in STS and other disciplines. The selections begin with predictions of the future that range from forecasts of technological utopia to cautionary tales. These are followed by writings that explore the complexity of sociotechnical systems, presenting a picture of how technology and society work in step, shaping and being shaped by one another. Finally, the book goes back to considerations of the future, discussing twenty-first-century challenges that include nanotechnology, the role of citizens in technological decisions, and the technologies of human enhancement.
This book demonstrates theoretically and empirically how international law's detailed design provisions help states cooperate despite harsh international political realities.