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The Effect of Macroeconomic Fluctuations on the Electoral Fortunes of House Incumbents

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Author Info
Grier, Kevin B
McGarrity, Joseph P

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Abstract

The effect of macroeconomic fluctuations on House elections is a long debated, but still unresolved, issue. We argue that return rates are theoretically superior to vote shares as measures of electoral accountability and that incumbents, not candidates of the president's party, are the legislators voters hold responsible. We develop and test an incumbent accountability model using incumbent return rates in the U.S. House from 1916 to 1994, finding a strongly significant effect of both income growth and the misery index. However, the data reject both our pure incumbency model and the traditional presidential party model, indicating that both factors are relevant to voters. Copyright 1998 by the University of Chicago.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Law & Economics.

Volume (Year): 41 (1998)
Issue (Month): 1 (April)
Pages: 143-61
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Handle: RePEc:ucp:jlawec:v:41:y:1998:i:1:p:143-61

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  1. Bialkowski, Jedrzej & Gottschalk, Katrin & Wisniewski, Tomasz, 2006. "Stock market volatiltity around national elections," MPRA Paper 302, University Library of Munich, Germany, revised Nov 2006. [Downloadable!]
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