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Part I. Introduction: 1. Macroeconomic politics and the costs of democracy 2. Macroeconomic theories and their political implications Part II. Models of Routine Politics: 3. Models of accountability and opportunism: the electoral cycle 4. Models of choice: partisanship Part III. The Sources and Authority of Macroeconomic Goals: 5. The authority of macroeconomic goals 6. Voters, elections, accountability, and choice Part IV. Institutions and Processes: 7. Discretion and accountability in the fiscal policy process 8. Discretion and accountability in the monetary policy process Part V. Conclusion: 9. The costs of democracy References Index.