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Partisan stabilization policy and voter control

  • David Kiefer

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    Abstract. Representative democracy is a principal-agent institution. Voter influence over macroeconomic policy should be noticeable during election years when the president (agent) and median voter (principal) disagree about goals. They might disagree due to the prospective benefit of choosing a policymaker who is more conservative than the voter. This conclusion is demonstrated analytically in a new Keynesian model of endogenous stabilization in which the president reacts quickly to lean against the macroeconomic wind. We support the principalagent characterization of voters and presidents in an endogenous policy model with regression estimates of growth rate targets, allowing for differences between Democrats and Republicans. Copyright Springer Science + Business Media, Inc. 2005

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    File URL: http://hdl.handle.net/10.1007/s11127-005-3991-5
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    Article provided by Springer in its journal Public Choice.

    Volume (Year): 122 (2005)
    Issue (Month): 1 (January)
    Pages: 115-132

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    Handle: RePEc:kap:pubcho:v:122:y:2005:i:1:p:115-132
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    1. repec:cup:cbooks:9780521894753 is not listed on IDEAS
    2. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
    3. Alesina, Alberto, 1987. "Macroeconomic Policy in a Two-party System as a Repeated Game," Scholarly Articles 4552531, Harvard University Department of Economics.
    4. John Ferejohn, 1986. "Incumbent performance and electoral control," Public Choice, Springer, vol. 50(1), pages 5-25, January.
    5. Waller, Christopher J, 1992. "The Choice of a Conservative Central Banker in a Multisector Economy," American Economic Review, American Economic Association, vol. 82(4), pages 1006-12, September.
    6. Nordhaus, William D, 1975. "The Political Business Cycle," Review of Economic Studies, Wiley Blackwell, vol. 42(2), pages 169-90, April.
    7. Chappell, Henry W, Jr, 1983. "Presidential Popularity and Macroeconomic Performance: Are Voters Really So Naive?," The Review of Economics and Statistics, MIT Press, vol. 65(3), pages 385-92, August.
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