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Full Description
Macroeconomic policy involves government action intended to influence the overall operation of the economy and to deal with such important public problems as economic growth, inflation, unemployment, and recession. In this first comprehensive treatment of presidential management of such policy for any presidency, authors James E. Anderson and Jared E. Hazleton focus on four tasks: developing and maintaining an information and decision-making system; coordination of policies in different macroeconomic areas; building support or consent for presidential policies; and administrative leadership. Drawing extensively upon presidential documents and interviews with Johnson administration officials, the authors pay particular attention to fiscal, monetary, wage-price, and international economic (especially balance of payments) policies during Johnson's terms.
The authors use the concept of the subpresidency, as defined by Redford and Blisset in Organizing the Executive Branch: The Johnson Presidency (University of Chicago Press, 1981), to show how Johnson managed the macro-economic institutions of the council of Economic Advisors, the Bureau of the Budget (now the Office of Management and Budget), the Department of the Treasury, and the Federal Reserve Board in pursuit of his economic goals. What emerges is a vivid portrait of an activist president.
In evaluating management of macroeconomic policy in the Johnson administration, the authors focus on how presidential policies are developed and adopted rather than on the substance of the policies themselves. They conclude that the Johnson administration competently managed policy development during its presidential years.
This book is a volume in the Administrative History of the Johnson Presidency Series sponsored by the LBJ School of Public Affairs at the University of Texas at Austin, the first two volumes of which were published by the University of Chicago Press. Managing Macroeconomic Policy: The Johnson Presidency was funded in part by the National Endowment for the Humanities.
Contents
Foreword by Emmette S. Redford
Acknowledgments
1. The President as Economic Manager
The Development of Presidential Responsibility
The Goal: Economic Stability
Concluding Comments
2. The Johnson Administration: Structure and Policy
The President's Role and Style
The Economic Subpresidency Concept
The Johnson Record: An Overview
A Concluding View
3. The Management of Fiscal Policy
Some Preliminary Considerations
The Development of Fiscal-Policy Proposals
Illustrations of Fiscal-Policy Management
Improving the Fiscal-Policy Process
Concluding Comments
4. The Management of Monetary Policy
The Structure of the Federal Reserve System
Independence of the Federal Reserve
Coordination of Monetary Policy
The Role of the President
The December 1965 Conflict
The Issue of Reform
Concluding Comments
5. The Management of Wage-Price Policy
The Wage-Price Guideposts
Administering the Guideposts: Organization
Enforcement Techniques
The Cabinet Committee on Price Stability
Guidepost Management: An Appraisal
6. The Management of Foreign Economic Policy
Organization and Staffing
The Management of Balance-of-Payments Policy
Reform of the International Monetary System
Concluding Comments
7. Conclusions
Johnson as Economic Manager
The Macroeconomic Subpresidency
The Tasks of Macroeconomic Management
Final Comments
Notes
Index
