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By Constantine J. Spiliotes

American presidents input workplace able to enact a policy-making schedule that might fulfill partisan pursuits and facilitate reelection to a moment time period. fiscal situations, notwithstanding, may perhaps trap presidents in a vicious cycle of monetary progress and inflation as opposed to recession and unemployment. confronted with a public that assigns to the executive govt accountability for the nation's fiscal overall healthiness, presidents are usually compelled through the dynamics of this cycle to make tradeoffs among pursuit of political targets and stabilization of the economic system. Vicious Cycle: Presidential choice Making within the American Political economic system examines the strategic calculus that drives presidential reputation of those decision-making tradeoffs. It offers a theoretical framework for explaining how presidents pursue partisan and electoral goals in workplace, whereas at the same time handling the nation's financial system in the constraints of a posh institutional surroundings. With an strategy that bridges a number of literatures in presidential reviews and political economic system, Constantine J. Spiliotes develops an econometric version of postwar presidential selection making within the American political economic climate and employs its insights to explicate the empirical dynamics of monetary choice making in 4 presidencies. The commonly documented studies—Presidents Eisenhower, Johnson, Carter, and Reagan—offer version throughout a number of analytic dimensions: temporal, partisan, electoral, and institutional. Spiliotes concludes that presidential recognition of decision-making tradeoffs among the pursuit of political goals and the imperatives of institutional accountability is pushed via a metamorphosis within the nature of the yankee presidency, from an place of work during which determination making is anchored in partisan responsibility to 1 during which choice making is restricted by means of the manager executive's institutional undertaking. Spiliotes's paintings will give a contribution to a fuller knowing of the presidency, political economic system, and the methodologies that elucidate them.

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Extra resources for Vicious Cycle: Presidential Decision Making in the American Political Economy (Presidency and Leadership Studies, 9)

Example text

In Alesina and Rosenthal (), the macroeconomic outcomes of the partisan business cycle are placed in an institutional context in which voters first choose between two polarized presidential candidates in the general election, in keeping with the idea of partisan cleavages during the first half of an administration. Voters then use midterm elections to counterbalance the president’s partisan macroeconomic behavior by strengthen-   Part I ing the opposition in Congress. Alesina and Rosenthal (, ) follow Chappell and Keech (a, b) in highlighting the importance of swing voters and their pivotal moderating influence on the extremes of both parties’ macroeconomic behavior.

Several of these scholars have focused on the development of the president’s responsibility for the nation’s macroeconomic health during the Great Depression and following the adoption of the Employment Act of  (Stein , ; Walcott and Hult ; Keech ; Frendreis and Tatalovich ; Anderson and Hazleton ; Sundquist ; Rossiter ). These scholars suggest that since presidents are assigned primary statutory responsibility for the nation’s economic health, they are compelled by their institutionally defined role to act to stabilize the economy in the face of inflationary spiral and recessionary downturn (Stein , ; Anderson and Hazleton ; Sundquist ; Rossiter ).

This circumstance is attributable to two causes. First, the idea of macroeconomic policy as it has been understood since World War II did not exist. 9 Second, the little institutional responsibility for macroeconomic policy making that did exist on the federal level belonged to Congress. With no federal budget per se, the Treasury acted primarily as bookkeeper, compiling a book of estimates to track federal expenditures and receipts. These estimates were, in turn, submitted directly to Congress without any coordination or clearance by the president.

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