Hostname: page-component-54dcc4c588-sq2k7 Total loading time: 0 Render date: 2025-10-01T03:07:45.834Z Has data issue: false hasContentIssue false
  • English
  • Français

National Macroeconomic Policy Preferences and International Coordination Issues*

Published online by Cambridge University Press:  07 April 2017

Thomas D. Willett
Thomas D. Willett
Affiliation:
Economics, Claremont Graduate School and Claremont McKenna College
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper stresses the importance of taking domestic economic structures and political pressures into account when considering issues of international macroeconomic policy coordination. The existence of domestic biases can cause policy coordination to increase rather than reduce macroeconomic instability. The paper offers a survey of the literature on national macroeconomic policy preferences and inflation unemployment tradeoffs. While this research is still in its infancy, it is clear that there are important differences across countries which must be taken into account in designing coordination strategies.

Information

Type
Articles
Information
Journal of Public Policy , Volume 8 , Issue 3-4 , July 1988 , pp. 235 - 263
Copyright
Copyright © Cambridge University Press 1988

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Article purchase

Temporarily unavailable

References

REFERENCES

Abrams, R., Froyen, R. and Waud, R. M. (1980) ‘Monetary Policy Reaction Functions, Consistent Expectations, and the Burns Era,’ Journal of Money, Credit and Banking, 12 (02) 30–42.CrossRefGoogle Scholar
Ackley, Gardner. (1978) ‘The Costs of Inflation’, American Economic Review (05) 149–54.Google Scholar
Alt, James. (1985) ‘Political Parties, World Demand, and Unemployment: Domestic and International Sources of Economic Activity’, American Political Science Review, 4 (12) 1016–1040.CrossRefGoogle Scholar
Alt, James. (1986) ‘Party Strategies, World Demand, and Unemployment: The Political Economy of Economic Activity in Western Industrial Nations’, American Economic Review Papers and Proceedings (May) 57–61.Google Scholar
Alt, James and Chrystal, Alex. (1983) Economics. University of California Press.Google Scholar
Amacher, Ryan, Tollison, Robert and Willett, Thomas D. (1975) ‘Budget Size in a Democracy’, Public Finance Quarterly, reprinted in Amacher, Tollison, and Willett, , eds., (1976) The Economic Approach to Public Policy. Ithaca, Cornell University Press.Google Scholar
Arndt, Sven, Sweeney, Richard J. and Willett, Thomas D. eds. (1985) Exchange Rates, Trade and the U.S. Economy. Cambridge, MA.: Ballinger Press for the American Enterprise Institute for Public Policy Research.Google Scholar
Artus, Jacques (1984) ‘Effects of United States Monetary Restraint in the DM/$ Exchange Rate and the German Economy’, in Bilson and Marston (1984), pp. 469–494.Google Scholar
Banaian, King. (1988) ‘An Overview of Political Business Cycles’, in Willett (1988a) 116–28.Google Scholar
Banaian, King, Laney, Leroy O. and Willett, Thomas D. (1983) ‘Central Bank Independence: An International Comparison’. Federal Reserve Bank of Dallas Economic Review, (03) 1–13.Google Scholar
Barro, Robert J. and Gordon, David B. (1983a) ‘Rules, Discretion and Reputation in a Model of Monetary Policy’. Journal of Monetary Economics, 12 (07) 101–121.CrossRefGoogle Scholar
Barro, Robert J. and Gordon, David B. (1983b) ‘A Positive Theory of Monetary Policy in a Natural Rate Model’, Journal of Political Economy, 91 (1983) 589–610.CrossRefGoogle Scholar
Barro, Robert J. (1984) ‘The Behavior of US Deficits’, National Bureau of Economic Research working paper 1309.CrossRefGoogle Scholar
Barry, Brian. (1985) ‘Does Democracy Cause Inflation? Political Ideas of Some Economists’, in Lindberg, Leon N. and Maier, Charles S., eds. The Politics of Inflation and Economic Stagnation. Washington, DC: The Brookings Institution, 280–317.Google Scholar
Beck, Nathaniel. (1982) ‘Parties, Adminstrations, and American Macroeconomic Outcomes’, American Political Science Review, 1 (03) 83–93.CrossRefGoogle Scholar
Beck, Nathaniel. (1982) ‘Presidential Influence on the Federal Reserve in the 1970s’, American Journal of Political Science, 26 (08) 415–445.CrossRefGoogle Scholar
Bell, Linda. (1986) ‘Wage Rigidity and West Germany: A Comparison with US Experience’, Federal Reserve Bank of New York Quarterly Bulletin, (Autumn) 11–21.Google Scholar
Berger, Suzanne. (1981) Organizing Interests in Western Europe: Pluralism, Corporations, and the Transformation of Politics. Cambridge: Cambridge University Press.Google Scholar
Bhandari, Jagdeep and Putnam, Bluford, eds. (1981) Economic Interdependence and Flexible Exchange Rates. Cambridge: MIT Press.Google Scholar
Bilson, John and Marston, Richard, eds. (1984) Exchange Rate Theory and Practice. Chicago: University of Chicago for the National Bureau of Economic Research.CrossRefGoogle Scholar
Black, Stanley W. (1982) Politics versus Markets: International Differences in Macroeconomic Policies. Washington, DC: American Enterprise Institute for Public Policy Research.Google Scholar
Black, Stanley W. (1983) ‘The Use of Monetary Policy for Internal and External Balance of Ten Industrial Countries’, in Frenkel, Jacob A., ed. Exchange Rates and International Macroeconomics. Chicago: National Bureau of Economic Research, University of Chicago Press, 189–223.Google Scholar
Blanchard, Oliver J. and Summers, Lawrence H. (1986) ‘Hystersis and the European Unemployment Problem’, in National Bureau of Economic Research Macroeconomics Annual. Cambridge; MIT Press.Google Scholar
Blinder, Alan. (1979) Economic Policy and the Great Stagflation. New York: Academic Press.Google Scholar
Bond, Marian. (1980) ‘Exchange Rates, Inflation and Vicious Circles’, International Monetary Fund Staff Papers (December).Google Scholar
Branson, William. (1984) ‘Comment on Artus’, in Bilson and Marston, (1984) 494–498.Google Scholar
Branson, W. and Rotemberg, J. (1980) ‘International Adjustment with Wage Rigidities’, European Economic Review, 13 (03) 309–332.CrossRefGoogle Scholar
Brittain, Sam. (1978) ‘Inflation and Democracy’, in Hirsch and Goldthorpe, (1978) 161–185.Google Scholar
Broddy, Raford and Crotty, James (1973) ‘Class Conflict and Macro-Policy: The Political Business Cycle’, Review of Radical Political Economy, 7 (Spring) 1–19.CrossRefGoogle Scholar
Brunner, Karl. (1975) ‘The Demand and Supply Inflation: Comment’, Journal of Law and Economics, 18 (12) 837–857.CrossRefGoogle Scholar
Bruno, M. and Sachs, J. D. (1985) Economics of Worldwide Stagflation. Cambridge: Harvard University Press.CrossRefGoogle Scholar
Bryant, Ralph C. (1987) International Financial Intermediation. Washington, DC: Brookings Institution.Google Scholar
Bryant, Ralph C. et al. , eds. (1989), Empirical Macroeconomics for Interdependent Economies. Washington, DC: Brookings Institution.Google Scholar
Bryant, Ralph C., Holtham, Gerald and Hooper, Peter, eds. (1988) External Deficits and the Dollar: The Pit and the Pendulum. Washington, DC: Brookings Institution.Google Scholar
Buchanan, James and Wagner, Richard E. (1977) Democracy in Deficit: The Political Legacy of Lord Keynes. New York: Academic Press.Google Scholar
Buiter, William H. and Marston, Richard, eds. (1985) International Economic Policy Coordination. Cambridge: Cambridge University Press.Google Scholar
Campbell, Colin D. and Dougan, William K., eds. (1986) Alternative Monetary Regimes. Baltimore, MD: The Johns Hopkins University Press.Google Scholar
Cameron, David R. (1985) ‘Does Government Cause Inflation, Taxes, Spending, and Deficit’, in Lindberg, Leon N. and Maier, Charles, eds. The Politics of Inflation and Economic Stagflation. Washington, DC: The Brookings Institution 224–279.Google Scholar
Calmfors, Lars. (1985) ‘The Roles of Stabilization Policy and Wage Setting for Macroeconomic Stability – The Experience of Economies with Centralized Bargaining, Kyklos, 39 329–347.CrossRefGoogle Scholar
Chappell, Henry W. Jr., (1983) ‘Presidential Popularity and Macroeconomic Performance: Are Voters Really So Naive?’ Review of Economics and Statistics, 65 (08) 385–392.CrossRefGoogle Scholar
Chappell, Henry W. Jr., and Keech, William R. (1986) ‘Party Differences in Macroeconomic Policies and Outcomes,’ American Economic Review Papers and Proceedings, (05) 71–74.Google Scholar
Chrystal, Alec K. and Peel, David A. (1986) ‘What Can Economics Learn from Political Science and Vice Versa,’ American Economic Review Papers and Proceedings, (05) 62–65.Google Scholar
Cohen, Benjamin J. (1977) Organizing the World's Money: The Political Economy of International Monetary Relations. New York: Basic Books.CrossRefGoogle Scholar
Corden, Max. (1986) Inflation, Exchange Rates and the World Economy, 3rd ed.Chicago: University of Chicago Press.Google Scholar
Crouch, Colin. (1977) Class Conflict and the Industrial Relations Crisis: Compromises and Corporatism in the Policies of the British State. London: Heinemann.Google Scholar
Crouch, Colin. (1985) ‘Conditions for Trade Union Restraint,’ in Lindberg, Leon N. and Maier, Charles S., eds. The Politics of Inflation and Economic Stagnation. Washington, DC: The Brookings Institution, 105–139.Google Scholar
Cukierman, Alex and Meltzer, Allan H. (1986) ‘A Theory of Ambiguity, Credibility and Inflation Under Discretion and Asymmetric Information,’ Economic Inquiry, 24 (07) 367–88.CrossRefGoogle Scholar
Darby, Michael, Lothian, A. E. Gandolfi, Schartz, A. J. and Stockman, A. C., eds. (1983) The International Transmission of Inflation. Chicago: National Bureau of Economic Research, University of Chicago Press.Google Scholar
DeVries, Margaret. (1983) The International Monetary Fund 1972–1978. Washington, DC: International Monetary Fund.Google Scholar
Destler, I. M. and Mitsuyu, Hisao. (1982) ‘Locomotives on Different Tracks: Macroeconomic Diplomacy, 1977–79,’ in Destler, I. M. and Sato, Hideo, eds. Coping With US-fapanese Economic Conflicts. Lexington, MA: Lexington Books, 243–270.Google Scholar
Dorn, James A. and Schwartz, Anna, eds. (1987) The Search for Stable Money. Chicago, II.: University of Chicago Press.Google Scholar
Downs, Anthony. (1957) An Economic Theory of Democracy. New York: Harper.Google Scholar
Downs, Anthony, (1960) ‘Why the Government Budget Size is Too Small in a Democracy.’ World Politics (07) 541–63.CrossRefGoogle Scholar
Dreyer, Jacob, Haberler, Gottfried and Willett, Thomas D. (1978) Exchange Rate Flexibility. Washington, DC: American Enterprise Institute for Public Policy Research.Google Scholar
Encaoua, David and Geroski, Paul. (1986) ‘Price Dynamics and Competition in Five OECD Countries.’ OECD Economic Studies, 6 (Spring).Google Scholar
Evans, Paul. (1986) ‘Is the Dollar High Because of Large Budget Deficits’?’ Journal of Monetary Economics, 18 (11) 227–249.CrossRefGoogle Scholar
Fiorina, Morris P. (1981) Retrospective Voting in American National Elections, New Haven: Yale University Press.Google Scholar
Fischer, Stanley. (1984) ‘The Benefits of Price Stability,’ in Price Stability and Public Policy. Federal Reserve Board of Kansas City, 33–50.Google Scholar
Fischer, Stanley. (1981) ‘Towards an Understanding of the Costs of Inflation: II,’ in Brunner, K. and Meltzer, A., eds. The Costs and Consequences of Inflation. Carnegie-Rochester Conference Series. Amsterdam: North-Holland, 5–41.Google Scholar
Fischer, Stanley and Huizinga, John. (1982) ‘Inflation, Unemployment, and Public Opinion Polls,’ Journal of Money, Credit and Banking, 14 (02) 1–19.CrossRefGoogle Scholar
Frankel, Jeffrey. ‘Obstacles to International Macroeconomic Policy Coordination,’ mimeo, Department of Economics, University of California at Berkeley.CrossRefGoogle Scholar
Friedlander, Ann F. (1973) ‘Macro Policy Goals in the Postwar Period: A Study in Revealed Preference,’ Quarterly Journal of Economics, 87, 1 (02) 25–43.CrossRefGoogle Scholar
Frohman, Deborah, Laney, Leroy, and Willett, Thomas D. (1981) ‘The Uncertainty Costs of High Inflation,’ Voice Federal Reserve Bank of Dallas, (July) 1–9.Google Scholar
Fry, Maxwell J. and Lilien, David. (1986) ‘Monetary Policy Responses to Exogenous Shocks,’ American Economic Review, (05) 79–83.Google Scholar
Gilpin, Robert. (1987). The Political Economy of International Relations. Princeton: Princeton University Press.CrossRefGoogle Scholar
Goldthorpe, John H., ed. (1984) Order and Conflict in Contemporary Capitalism. Oxford: Clarendon Press.Google Scholar
Gordon, Robert J. (1975) ‘The Demand for and Supply of Inflation,’ Journal of Law and Economics, 18 (12) 807–836.CrossRefGoogle Scholar
Gordon, Robert J. (1977) ‘World Inflation and Monetary Accommodation in Eight Countries,’ Brookings Papers on Economic Activity, 2, 409–468.CrossRefGoogle Scholar
Gourevitch, Peter, Martin, Andrew, Ross, George, Allen, Christopher, Bornstein, Stephen and Markovits, Andrei. (1984) Unions and Economic Crisis: Britain, West Germany, and Sweden. London: George Allen and Unwin.Google Scholar
Green, Steven L. and Grossman, Herschel I. (1986) ‘The Illusion of Stabilization Policy,’ Carnegie-Rochester Conference Series on Public Policy, 25, 221–236.CrossRefGoogle Scholar
Grier, Kevin B. and Neiman, Howard E. (1987) ‘Deficits, Politics and Money Growth,’ Economic Inquiry, 25 (04) 201–214.CrossRefGoogle Scholar
Grubb, David. (1986) ‘Topics in the OECD Phillips Curve,’ Economic Journal, 96 (03) 55–79.CrossRefGoogle Scholar
Haberler, Gottfried. (1988) ‘Wage and Price Rigidities, Supply Restriction, and the Problem of Stagflation,’ in Willett, ed. (1988a).Google Scholar
Hall, Peter (1986) Governing the Economy; the Politics of State Intervention in Britain and France. New York: Oxford University Press.Google Scholar
Hansson, Ardo H. (1987) ‘Politics, Institutions, and Cross-Country Inflation Differentials,’Presented at the Interdisciplinary Conference on the Political Economy of International Macroeconomic Policy Coordination, National Bureau of Economic Research, Inc.,Andover, Massachusetts,November 6–7.Google Scholar
Hein, Scott E. (1981) ‘Deficits and Inflation,’ Federal Reserve Bank of St. Louis Review, 63 (03) 3–10.Google Scholar
Heitger, Bernhard. (1987) ‘Corporatism, Technological Gaps and Growth in OECD Countries,’ Weltwirtschaftliches Archiv, Bd. CXXXIII, 463–473.CrossRefGoogle Scholar
Henning, C. Randall (1987) Macroeconomic Diplomacy in the 1980s, Atlantic Paper No. 65. New York: Croom Helm for the Atlantic Institute for International Affairs.Google Scholar
Henderson, Dale. (1979) ‘Financial Policies in Open Economies,’ American Economic Review, (05) 232–39.Google Scholar
Hibbs, Douglas A. Jr., and Fassbender, Heino, eds. (1981) Contemporary Political Economy. Amsterdam: North Holland, 231–248.Google Scholar
Hibbs, Douglas A. Jr,. (1986) ‘Political Parties and Macroeconomic Policies and Outcomes in the United States,’ American Economic Review, Papers and Proceedings (05) 66–70.Google Scholar
Hibbs, Douglas A. Jr,. (1987a) The Political Economy of Industrial Democracies. Cambridge, MA: Harvard University Press.CrossRefGoogle Scholar
Hibbs, Douglas A. Jr., (1987b) The American Political Economy. Cambridge, MA: Harvard University Press.CrossRefGoogle Scholar
Hirsch, Fred and Goldthorpe, John, eds. (1978) The Political Economy of Inflation. Cambridge, MA: Harvard University Press.Google Scholar
Hodgman, Donald R., ed. (1983) The Political Economy of Monetary Policy: National and International Aspects. Boston: Federal Reserve Bank of Boston, (1983) 147–170.Google Scholar
Holland, Steven. (1984) ‘Does Higher Inflation Lead to More Uncertain Inflation?’ Federal Reserve Bank of St. Louis Review, (02) 15–26.Google Scholar
Jones, Ronald W. and Kenen, Peter B., eds. (1985) Handbook of International Economics, Vol. 2 Amsterdam: North-Holland.Google Scholar
Kansas City Federal Reserve Bank (1985) The US Dollar - Recent Developments, Outlook, and Policy Options. A Symposium Sponsored by The Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming (08 21–23).Google Scholar
Katseli, Louka T. (1987) ‘Macroeconomic Policy Coordination and the Domestic Base of NationalEconomic Policies in Major European Countries.’Presented at the Interdisciplinary Conference on the Political Economy of International Macroeconomic Policy Coordination, National Bureau of Economic Research, Inc.,Andover, Mass. (November 6–7).Google Scholar
Katz, Samuel I. (1979) US-European Monetary Relations. Washington, DC: American Enterprise Institute for Public Policy Research.Google Scholar
Keech, William R. (1986) ‘Elections and Macroeconomic Policy,’ in Pfiflher, (1986) 23–35.Google Scholar
Keller, Robert R. and May, Ann Mari. (1984) ‘The Presidential Political Business Cycle for 1972,‘Journal of Economic History, 44 (06) 265–276.CrossRefGoogle Scholar
Keohane, Robert. (1984) After Hegemony. Princeton: Princeton University Press.Google Scholar
Kiewiet, Roderick. (1983) Macroeconomics and Micropolitics: The Electoral Effects of Economic Issues. Chicago: University of Chicago Press.Google Scholar
King, Robert J. and Plossner, Charles I. (1985) ‘Money, Deficits and Inflation,’ in Brunner, Karl and Meltzer, Allan H., eds. Understanding Monetary Regimes.Carnegie-Rochester Conference Series on Public Policy 22 (Spring) 147–196.CrossRefGoogle Scholar
Klan, Frederich and Mittetstadt, Axel. (1986) ‘Labour Market Flexibility,’ OECD Economic Studies, 6(Spring) 7–45.Google Scholar
Koenig, Peter. (1988) ‘Seven Men on the Twelfth Floor,’ Euromoney, (03) 62–74.Google Scholar
Kormendi, Roger and Meguire, Philip. (1984) ‘Cross Regime Evidence of MacroeconomicRationality’, Journal of Political Economy, (10) 875–908.CrossRefGoogle Scholar
Korpi, Walter. (1983) The Democratic Class Struggle. London: Routledge and Kegan Paul.Google Scholar
Laney, Leroy O. and Willett, Thomas D. (1982) “The International Liquidity Explosion andWorldwide Inflation: The Evidence from Sterilization Coefllcient Estimates,” Journal of InternationalMoney and Finance, (08) 141–152.Google Scholar
Lawrence, Robert Z. and Schultze, Charles L. (1987) Barriers to European Growth, A Transatlantic View. Washington, DC: The Brookings Institution.Google Scholar
Layard, Richard and Calmfors, Lars, eds. (1987) The Fight Against Unemployment: MacroeconomicPapers from the Centre for European Studies. Cambridge, Massachusetts: The MIT Press.Google Scholar
Lindberg, Leon N. and Maier, Charles S. (1985) The Politics of Inflation and Economic Stagnation. Washington, DC: The Brookings Institution.Google Scholar
Lipschitz, Leslie and Schadler, Susan M. (1984) ‘Relative Prices, Real Wages and Macroeconomic Policies,’ International Monetary Fund Staff Papers, 31 (06) 303–338.CrossRefGoogle Scholar
Makin, John H. (1976) ‘Constraints on Formulation of Models for Measuring Revealed Preferenceson Policy Makers,’ Kyklos, 29, 709–732.CrossRefGoogle Scholar
McCallum, Bennett T. (1978) ‘The Political Business Cycle: An Empirical Test,’ Southern Economic Journal, 45 (10) 504–515.CrossRefGoogle Scholar
McClure, Harold J. Jr., and Willett, Thomas D. (1983) ‘Understanding the Supply Siders,’ in Stubblebine, William C. and Willett, Thomas D., eds. Reaganomics. San Francisco, CA: Institute forContemporary Studies, 59–69.Google Scholar
Mayer, Thomas and Willett, Thomas. (1988) ‘Evaluating Proposals for Fundamental Monetary Reform’ in Willett (1988a).Google Scholar
Merzkani, Mohand. (1987) ‘Budget Deficits, International Pressures and Monetary Accommodation:A Theoretical and Empirical Study from Six Countries (France, Germany, Italy, Japan,United Kingdom and United States): 1960–1985,’ unpublished PhD dissertation, Claremont Graduate School, Department of Economics.Google Scholar
Monroe, Kristen. (1984) Presidential Popularity and the Economy. New York: Praeger.Google Scholar
Mumper, Michael J. and Uslander, Eric M. (1982) ‘The Bucks Stop Here: The Politics oflnflation inthe United States,’ in Medley, Richard, ed. The Politics of Inflation: A Comparative Analysis. New York: Pergamon Press, 104–126.CrossRefGoogle Scholar
Obstfeld, Maurice. (1982) ‘Can We Sterilize? Theory and Evidence,’ American Economic Review, (05)45–50.Google Scholar
Odell, John. (1982) US International Monetary Policy. Princeton, NJ: Princeton University Press.CrossRefGoogle Scholar
Okun, Arthur. (1975) ‘Inflation: Its Mechanics and Welfare Costs,’ Brookings Papers, 2, 351–401.CrossRefGoogle Scholar
Olson, Mancur. (1984) ‘Beyond Keynesianism and Monetarism,’ Economic Inquiry, (07) 297–323.CrossRefGoogle Scholar
Olson, Mancur. (1975) ‘The Demand and Supply of Inflation: Comment,’ Journal of Law and Economics, 18 (12) 859–869.CrossRefGoogle Scholar
Olson, Mancur. (1965) The Logic of Collective Action. Cambridge: Harvard University Press.CrossRefGoogle Scholar
Olson, Mancur. (1982) The Rise and Fall of Nations. New Haven: Yale University Press.Google Scholar
Organization for Economic Cooperation and Development. (1982) Budget Financing and Monetary Control, Paris.Google Scholar
Oudiz, Gillis and Sachs, Jeffrey. (1985) ‘International Macroeconomic Policy Coordination in Dynamic Macroeconomic Models,’ in Buiter, and Marston, , eds. (1985) 274–318.Google Scholar
Peretz, Paul. (1983) The Political Economy oflnflation in the United States. Chicago: University of Chicago Press.Google Scholar
Perry, G. L. (1975) ‘Determinants of Wage Inflation Around the World,’ Brookings Papers on Economic Activity, 2, 403–435.CrossRefGoogle Scholar
Pfiflher, James P., ed. (1986) The President and Economic Policy. Philadelphia: Institute for the Study ofHuman Issues.Google Scholar
Protopapadakis, Aris A. and Siegel, Jeremy J. (1987) ‘Government Debt, the Money Supply, and Inflation: Theory and Evidence for Seven Industrialized Economies,’ Journal of International Moneyand Finance, 6 (04) 31–48.CrossRefGoogle Scholar
Putnam, Robert D. and Bayne, Nicholas. (1984) Hanging Together: The Seven-Power Summits. Cambridge, MA: Harvard University Press.Google Scholar
Roberts, Paul Craig. (1984) The Supply Side Revolution. Cambridge, MA: Harvard University Press.CrossRefGoogle Scholar
Rogoff, Kenneth. (1985) ‘Can International Monetary Policy Cooperation Be Counterproductive?’ Journal of International Economics, 18, 199–217.CrossRefGoogle Scholar
RogofT, Kenneth. (1987) ‘Reputational Constraints on Monetary Policy,’ Carnegie-Rochester Conference Series on Public Policy, 26, 141–182.CrossRefGoogle Scholar
Sachs, Jeffrey. (1979) ‘Wages, Profits, and Macroeconomic Adjustment: A Comparative Study,’ Brookings Papers on Economic Activity, 2 (1979) 269–319.CrossRefGoogle Scholar
Sachs, Jeffrey. (1985) ‘Is There a Case for More Managed Exchange Rates?’ in The Kansas City Fed (1985)Google Scholar
Schmitter, Philippe C. and Lehmbruch, Gerhard. (1980) Trend Toward Corporatist Intermediation. London: Sage Publications.Google Scholar
Schneider, Friederick and Frey, Bruno. (1988) ‘Politico-Economic Models of Macroeconomic Policy: A Review of the Empirical Evidence,’ in Willett, (1988a.)Google Scholar
Schott, Kerry. (1984) Policy, Power, and Order: The Persistence of Economic Problems in Capitalist States. New Haven: Yale University Press.Google Scholar
Schultze, Charles L. (1984) ‘Cross-Country and Cross-Temporal Differences in Inflation Responsiveness,’ American Economic Review, 74 (05) 160–165.Google Scholar
Schultze, Charles L. (1986) ‘Real Wage Rigidity in Europe: Reality on Illusion,’ in Other Times, Other Places. Washington, DC: The Brookings Institution, 27–56.Google Scholar
Sheehey, Edmund J. and Kreinin, Mordechai E. (1985) ‘Inflation Dispersion and Central Bank Accommodation of Supply Shocks,’ Weltwirtschaftliches Archiv, 121, 448–459.CrossRefGoogle Scholar
Spinelli, F. (1983) ‘Currency Substitution, Flexible Exchange Rates, and the Case for International Monetary Cooperation,’ International Monetary Fund Staff Papers, (12).CrossRefGoogle Scholar
Staniland, Martin. (1985) What Is Political Economy? New Haven: Yale University Press.Google Scholar
Stein, Herbert. (1984) Presidential Economics. New York: Simon and Schuster.Google Scholar
Stigler, George. (1973) ‘General Economic Conditions and National Economic Elections,’ American Economic Review, 63 (05) 160–167.Google Scholar
Swoboda, Alex. (1982) ‘US-European Interdependence,’ International Monetary Fund Staff Papers.Google Scholar
Taylor, John B. (1980) ‘Output and Price Stability: An International Comparison,’ Journal of Economic Dynamics and Control, 2, 109–132.CrossRefGoogle Scholar
Thiel, Elke. (1987) ‘Macroeconomic Policy Preferences and Coordination: A View From Germany,’ presented at the Interdisciplinary Conference on the Political Economy of International Macroeconomic Policy Coordination,National Bureau of Economic Research, Inc.,Andover, Mass.(November 6-7).Google Scholar
Thurow, Lester C. (1983) Dangerous Currents. Random Hourse.Google Scholar
Thurow, Lester C. (1980) The Zero-Sum Society. New York: Basic Books.Google Scholar
Tower, Edward and Willett, Thomas D. (1976) The Theory of Optimum Current A reas and Exchange Rate Flexibility. Special Papers in International Economics, Princeton, NJ: Princeton University, Department of Economics.Google Scholar
Tsoukalis, Loukas, ed. (1985) The Political Economy of International Money. London: Sage Publications.Google Scholar
Tufte, Edward R. (1978) Political Control of the Economy Princeton, NJ: Princeton University Press.Google Scholar
Tylecoat, Andrew. (1981) The Causes of the Present Inflation. New York: Halsted Press.CrossRefGoogle Scholar
Vaubel, Roland. (1986) ‘A Public Choice Approach to International Organization,’ Public Choice, 51, 39–57CrossRefGoogle Scholar
Weatherford, M. Stephen. (1986) ‘The President and the Political Business Cycle,’ in Pfiflher, (1986) 36–60.Google Scholar
Whitman, Marina. (1978) ‘The Locomotive Approach to Sustaining World Recovery,’ in Fellner, William, ed. AEI Studies on Contemporary Economic Problems. Washington, DC: American Enterprise Institute.Google Scholar
Willett, Thomas D. (1983) ‘Fighting Stagflation: Macroeconomics Under Reagan,’ in Stubblebine, William C. and Willett, Thomas D., eds. Understanding the Supply Siders: A Mid-Term Report. San Francisco, CA: Institute for Contemporary Studies, 11–26.Google Scholar
Willett, Thomas D. (1983) ‘Functioning of the Current International Financial System,’ in von Furstenberg, George, ed. International Money and Credit. Washington, DC: International Monetary Fund.Google Scholar
Willett, Thomas D. (1980) International Liquidity Issues. (Washington, DC American Enterprise Institute for Publich Policy Research.Google Scholar
Willett, Thomas D. (1985) ‘Macroeconomic Policy Coordination Issues Under Flexible Exchange Rates,’ ORDO, 35, 137–149.Google Scholar
Willett, Thomas D. (1987a) ‘A New Monetary Constitution,’ in Dorn and Schwartz, (1987).Google Scholar
Willett, Thomas D. (1987b) ‘A Public Choice Analysis of Strategies for Restoring International Economic Stability,’ presented at the Konstanz Conference on New International Arrangements for the World Economy.(Konstanz University, forthcoming in conference volume).Google Scholar
Willett, Thomas D., ed. (1988a) Political Business Cycles. Durham, NC: Duke University Press for Pacific Research Institute.Google Scholar
Willett, Thomas D. (1988b) ‘An Overview of Key Exchange-Rate Regimes,’ prepared for the Cato Institute's Sixth Annual Monetary Conference on ‘Dollars, Deficits, and Trade: The Changing World Economy,’Washington, DC:February 25–26, 1988.Google Scholar
Willett, Thomas D., et al. (1987) ‘Currency Substitution, US Money Demand, and International Interdependence,’ in Contemporary Policy Issues, V (07) 76–82.CrossRefGoogle Scholar
Willett, Thomas D. and Banaian, King. (1988a) ‘Explaining the Great Stagflation,’ in Willett, (1988a).Google Scholar
Willett, Thomas D. and Banaian, King. (1988b) ‘Models of the Political Process and Their Implications for Stagflation: A Public Choice Perspective,’ in Willett, (1988a).Google Scholar
Willett, Thomas D., Banaian, King, Laney, Leroy O., Merzkani, , Mohand, and Warga, Arthur. (1988a) ‘Inflation Hypotheses and Monetary Accommodation: Postwar Evidence from the Industrial Countries,’ in Willett, (1988a).Google Scholar
Willett, Thomas D. and Laney, Leroy O. (1978) ‘Monetarism, Budget Deficits, and Wage Push Inflation: The Cases of Italy and the UK,’ Banca Nazionale del Lavoro Quarterly Review, 127 (12) 315–331.Google Scholar
Willett, Thomas D. and Mullen, John E. (1982) ‘The Effects of Alternative International Monetary Systems on Macroeconomic Discipline and the Political Business Cycle,’ in Raymond, Lombra and Willard, Witte, eds. Political Economy of International and Domestic Monetary Relations. Ames, IA: Iowa State University Press, 143–159.Google Scholar
Willett, Thomas D. and Wolf, Matthias. (1983) ‘The Vicious Circle Debate: Some Conceptuals Distinctions,’ Kyklos, 36, 231–248.CrossRefGoogle Scholar
Woolley, John T. (1985) ‘Central Banks and Inflation,’ in Leon N., Lindberg and Charles S., Maier, eds. The Politics of Inflation and Economic Stagflation: Theoretical Approaches and International Case Studies. Washington, DC: Brookings Institution, (1985) 318–348.Google Scholar