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Fiscal Policy, Public Debt Stabilization and Politics: Theory and Evidence from the US and UK

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  • Ben Lockwood, Apostolis Philippopoulos and Andy Snell

Abstract

This paper presents a two-party model of fiscal and debt policy which; (i) explicitly models the partisan, stabilisation, and (to some extent) survival motives of politicians; (ii) has predictions that are largely consistent with existing empirical finding about partisan and electoral effects in government expenditure, tax revenue, and debt; (iii) yields new predictions about how the feedback of fiscal policy on lagged debt may depend on partisan and electoral effects. These new predictions are not rejected by a test of the model on US and UK data.

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Paper provided by University of Essex, Department of Economics in its series Economics Discussion Papers with number 431.

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Handle: RePEc:esx:essedp:431

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