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Conclusions and Epilogue

  • Panos Afxentiou
  • Apostolos Serletis

Abstract

Recent politico-institutional approaches to the theory of economic policy emphasize the incentives of rational and maximizing policymakers in explaining movements in macroeconomic variables. From these approaches a positive theory of economic policy in alternative institutional environments is developed from which in turn certain normative suggestions regarding political and economic institutional designs are deduced. Central to this perspective is the general assumption that policymakers respond to incentives and constraints just like the rest of the economic agents. As a consequence, the actual policies of government give rise to political cycles which on the basis of the primary motivational force involved are distinguished into opportunistic and partisan cycles.

Keywords

Monetary Policy Inflation Target Monetary Aggregate Canadian Economy Poor Province 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media New York 2002

Authors and Affiliations

  • Panos Afxentiou
    • 1
  • Apostolos Serletis
    • 1
  1. 1.University of CalgaryCanada

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