Fiscal Policy, Public Debt Stabilzation and Politics: Theory and evidence from the US and UK
AbstractThis 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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Bibliographic InfoPaper provided by Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics in its series EPRU Working Paper Series with number 94-06.
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Other versions of this item:
- Lockwood, Ben & Philippopoulos, Apostolis & Snell, Andy, 1994. "Fiscal Policy, Public Debt Stabilization and Politics: Theory and Evidence from the US and UK," Discussion Papers 9401, Exeter University, Department of Economics.
- Ben Lockwood, Apostolis Philippopoulos and Andy Snell, . "Fiscal Policy, Public Debt Stabilization and Politics: Theory and Evidence from the US and UK," Economics Discussion Papers 431, University of Essex, Department of Economics.
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
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