Nouriel Roubini

  • Political Cycles and the Macroeconomy

    Political Cycles and the Macroeconomy

    Alberto Alesina, Nouriel Roubini, and Gerald D. Cohen

    The relationship between political and economic cycles is one of the most widely studied topics in political economics. This book examines how electoral laws, the timing of elections, the ideological orientation of governments, and the nature of competition between political parties influence unemployment, economic growth, inflation, and monetary and fiscal policy. The book presents both a thorough overview of the theoretical literature and a vast amount of empirical evidence. A common belief is that voters reward incumbents who artificially create favorable conditions before an election, even though the economy may take a turn for the worse immediately thereafter. The authors argue that the dynamics of political cycles are far more complex. In their review of the main theoretical approaches to the issues, they demonstrate the multifaceted relationships between macroeconomic and political policies. They also present a broad range of empirical data, from the United States as well as OECD countries. One of their most striking findings is that the United States is not exceptional; the relationships between political and economic cycles are remarkably similar in other democracies, particularly those with two-party systems.

    • Hardcover $60.00
    • Paperback $35.00

Contributor

  • What Have We Learned?

    What Have We Learned?

    Macroeconomic Policy after the Crisis

    George A. Akerlof, Olivier Blanchard, David Romer, and Joseph E. Stiglitz

    Top economists consider how to conduct policy in a world where previous beliefs have been shattered by the recent financial and economic crises.

    Since 2008, economic policymakers and researchers have occupied a brave new economic world. Previous consensuses have been upended, former assumptions have been cast into doubt, and new approaches have yet to stand the test of time. Policymakers have been forced to improvise and researchers to rethink basic theory. George Akerlof, Nobel Laureate and one of this volume's editors, compares the crisis to a cat stuck in a tree, afraid to move. In April 2013, the International Monetary Fund brought together leading economists and economic policymakers to discuss the slowly emerging contours of the macroeconomic future. This book offers their combined insights.

    The editors and contributors—who include the Nobel Laureate and bestselling author Joseph Stiglitz, Federal Reserve Vice Chair Janet Yellen, and the former Governor of the Bank of Israel Stanley Fischer—consider the lessons learned from the crisis and its aftermath. They discuss, among other things, post-crisis questions about the traditional policy focus on inflation; macroprudential tools (which focus on the stability of the entire financial system rather than of individual firms) and their effectiveness; fiscal stimulus, public debt, and fiscal consolidation; and exchange rate arrangements.

    • Hardcover $31.95
    • Paperback $19.95