Introduction: A Framework for the Analysis of Macroeconomics and Electoral Politics -- I. Macroeconomic and Institutional Background -- Postwar American Macroeconomic Performance in Historical Perspective -- The Costs of Unemployment -- The Costs of Inflation -- II. The Demand for Economic Outcomes -- Public Concern about Inflation and Unemployment -- Macroeconomic Performance and Mass Political Support for the President -- Economic Performance and the 1980 and 1984 Elections -- III. The Supply of Economic Outcomes -- Political Parties and Macroeconomic Policies and Outcomes -- Political Business Cycles -- Macroeconomic and Distributional Outcomes during Reagan's First Four Years.