Taylor & Francis Herr, H: Macroeconomic Policy Regimes in Western Industrial

The development of countries depends on the specific economic regime. A macroeconomic policy regime consists of four areas: monetary, fiscal, wage policy and external sector. This book presents the theoretical derivations and an exact definition of a macroeconomic regime and its elements, and proves it empirically. This book includes case studies on the development of macroeconomics regimes in large developed countries: Great Britain and the United States show examples of positive development, whereas Japan and Germany show rather dysfunctional development. Drawing on Keynesian monetarism, the authors argues that microeconomic deregulation does not explain the differences in development among Western industrial countries sufficiently and instead the key to understanding these developments in the industrial countries over recent decades in the positive or negative shaping of the basic macroeconomic areas and in their interactions. ...