Rationalizing the Political Business Cycle: A Workhorse Model
An incumbent policymaker has incentives to expand the money supply prior to elections to stimulate the economy and thereby further her chances of re-election. In its original formulation, the Nordhaus political business cycle hypothesis relies on adaptive inflation expectations and naive retrospective voting. Copyright Blackwell Publishers Ltd 1998.
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Volume (Year): 10 (1998)
Issue (Month): 1 (03)
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