The Political Business Cycle: New Evidence from the Nixon Tapes
AbstractDrawing from the personal tape recordings made during the presidency of Richard Nixon, we uncover and report in this paper new evidence that Nixon manipulated Arthur Burns and the Federal Reserve Bank into creating a political business cycle that helped secure Nixon’s reelection victory in 1972. Nixon understood the risks that his desired monetary policy imposed, but chose to trade longer-term economic costs to the economy for his own short-term political benefit.
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Bibliographic InfoPaper provided by University of Delaware, Department of Economics in its series Working Papers with number 11-05.
Length: 27 pages
Date of creation: 2011
Date of revision:
Publication status: Forthcoming in Journal of Money, Credit and Banking.
Contact details of provider:
Postal: Purnell Hall, Newark, Delaware 19716
Phone: (302) 831-2565
Fax: (302) 831-6968
Web page: http://www.lerner.udel.edu/departments/economics/department-economics/
More information through EDIRC
Monetary Policy; Political Business Cycle;
Other versions of this item:
- Burton A. Abrams & James L. Butkiewicz, 2012. "The Political Business Cycle: New Evidence from the Nixon Tapes," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44, pages 385-399, 03.
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-08-15 (All new papers)
- NEP-CBA-2011-08-15 (Central Banking)
- NEP-HIS-2011-08-15 (Business, Economic & Financial History)
- NEP-HPE-2011-08-15 (History & Philosophy of Economics)
- NEP-MAC-2011-08-15 (Macroeconomics)
- NEP-POL-2011-08-15 (Positive Political Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Burton A. Abrams, 2006.
"How Richard Nixon Pressured Arthur Burns: Evidence from the Nixon Tapes,"
Journal of Economic Perspectives,
American Economic Association, vol. 20(4), pages 177-188, Fall.
- Burton A. Abrams, 2006. "How Richard Nixon Pressured Arthur Burns: Evidence from the Nixon Tapes," Working Papers 06-04, University of Delaware, Department of Economics.
- Kozicki, Sharon & Tinsley, P.A., 2009. "Perhaps the 1970s FOMC did what it said it did," Journal of Monetary Economics, Elsevier, vol. 56(6), pages 842-855, September.
- Andrew Bossie, 2013. "The Effect of Fiscal Policy Shocks on the Flow of Funds," 2013 Papers pbo741, Job Market Papers.
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