{"product_id":"macroeconomic-policy-and-public-choice","title":"Macroeconomic Policy and Public Choice","description":"Subject of this book is the intersection between political science and macroeconomics. The central idea is the existence of a political economic equilibrium in which the government acts to dampen the business cycle. The election cycle implies that this equilibrium may be a cycle rather than a point. An extension of new Keynesian theory provides a model of endogenous stabilization in which the government practices short-run stabilization policy which dampens the impact of exogenous shocks. This is a situation in which rational voters favor discretionary policy over a fixed policy rule even with rational economic agents. Special attention is given to the relevant data and to the possibilities of hypothesis testing.","brand":"None","offers":[{"title":"Paperback","offer_id":46784521896146,"sku":"9783540648727","price":142.95,"currency_code":"CAD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0655\/8980\/5233\/files\/1_cc8ba817-2991-4411-9744-d872da5d670e.jpg?v=1757204390","url":"https:\/\/www.indigo.ca\/products\/macroeconomic-policy-and-public-choice","provider":"Indigo","version":"1.0","type":"link"}