G2TT
来源类型Discussion paper
规范类型论文
来源IDDP470
DP470 Political Cycles in OECD Economies
Alberto Alesina; Nouriel Roubini
发表日期1990-10-01
出版年1990
语种英语
摘要This paper studies whether the dynamic behaviour of GNP growth, unemployment and inflation is systematically affected by the timing of elections and changes of government. The sample includes the last three decades in 18 OECD economies. We test explicitly the implications of several models of political cycles, both of the `opportunistic' and of the `partisan' type. Also, we confront the implications of recent `rational' models with more traditional approaches. Our results can be summarized as follows: (a) the `political business cycle' hypothesis, as formulated in Nordhaus (1975) on output and unemployment, is generally rejected by the data; with the exception of Japan, we also reject the extension of the `political business cycle' model, with endogenous timing of elections; (b) inflation tends to increase immediately after elections, perhaps as a result of pre- electoral expansionary monetary and fiscal policies; (c) we find evidence of temporary partisan differences in output and unemployment and of long-run partisan differences in the inflation rate as implied by the `rational partisan theory' (Alesina, 1987); (d) we find virtually no evidence of permanent partisan differences in output and unemployment.
主题International Macroeconomics
关键词Elections inflation Oecd Output Political business cycles
URLhttps://cepr.org/publications/dp470
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529625
推荐引用方式
GB/T 7714
Alberto Alesina,Nouriel Roubini. DP470 Political Cycles in OECD Economies. 1990.
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