A Partisanship Theory of Fiscal and Monetary Regimes
AbstractThis paper indicates that income redistribution, motivated by the distributive ideals of liberal political p arties, create unanticipated disincentives for productive effort. Thi s suggests that newly-elected liberal parties are likely to engage in monetary surprises in order to compensate for the adverse effects of these disincentives on real income. Estimated reaction from function s support these predictions. A measure of income redistribution, the change in the ratio of the social expenditures of government to GNP, has a positive significant effect on money growth. In addition, when the Presidency changes from conservative to liberal, there is a posit ive and significant increase on money growth. Copyright 1987 by Ohio State University Press.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 19 (1987)
Issue (Month): 3 (August)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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- Geoffrey M. B. Tootell, 1991. "Regional economic conditions and the FOMC votes of district presidents," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 3-16.
- Garcia De Paso, Jose I., 2000. "Partisan Appointments to the Central Bank: Policy Uncertainty and the Democratic Deficit," Journal of Macroeconomics, Elsevier, vol. 22(3), pages 471-489, July.
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- van Lelyveld, Iman, 1999. "Inflation or unemployment? Who cares?," European Journal of Political Economy, Elsevier, vol. 15(3), pages 463-484, September.
- Berlemann, Michael & Markwardt, Gunther, 2003. "Partisan cycles and pre-electoral uncertainty," Dresden Discussion Paper Series in Economics 01/03, Dresden University of Technology, Faculty of Business and Economics, Department of Economics.
- Eijffinger, S.C.W. & Schaling, E., 1993. "Central bank independence: Theory and evidence (Revised version)," Discussion Paper 1993-25, Tilburg University, Center for Economic Research.
- Geoffrey M. B. Tootell, 1991. "Are district presidents more conservative than board governors?," New England Economic Review, Federal Reserve Bank of Boston, issue Sep, pages 3-12.
- Jon Faust, 1992. "Whom can we trust to run the Fed? Theoretical support for the founders' views," International Finance Discussion Papers 429, Board of Governors of the Federal Reserve System (U.S.).
- Pantzalis, Christos & Stangeland, David A. & Turtle, Harry J., 2000. "Political elections and the resolution of uncertainty: The international evidence," Journal of Banking & Finance, Elsevier, vol. 24(10), pages 1575-1604, October.
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