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■ Abstract We review the use of macroeconomics in political science over the past 40 years. The field has been dominated by new classical theory, which leaves little room for economic policy and focuses attention on what democratic governments can do wrong in the short term. The resulting literatures on political business cycles and central bank independence are large and sophisticated, but they fail, we argue, to account for most of the observed variance in economic policies and outcomes. Indoi:10.1146/annurev.polisci.9.072004.085858 fatcat:jmhpmwfffncuxcuksggzn2zhxe