Evaluating Rational Partisan Business Cycle Theory: A Response
In a recent article published in this journal Steven Sheffrin presented the results of two tests on the so called "Rational Partisan Theory". Sheffrin concluded that the evidence provides "little support for a strict interpretation of the theory". This note argues that, although interesting in itself, the tests performed by Sheffrin are not particularly informative about the empirical relevance of the Rational Partisan Theory. Also, this note reconciles Sheffrin's results on OECD economies with the literature, which, in general, has found rather supportive evidence for the Rational Partisan Theory. Copyright 1991 Blackwell Publishers Ltd..
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Volume (Year): 3 (1991)
Issue (Month): 1 (03)
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