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A model of voter choice in a life cycle setting

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  • S. Brock Blomberg

Abstract

This paper employs an overlapping generations framework in which voters choose political parties based on the economic shocks faced over their lifetimes. Parties internalize voting preferences and develop platforms based on this information. The resulting equilibrium implies that voters select parties that maximize income in their labor period and that minimize inflation in their retirement period. The equilibrium also has the property that individuals switch their votes between the parties, in the presence of adverse states of nature. These results provide an explanation for post World War II voting patterns in the United States. The paper also provides empirical support for the theoretical findings. Copyright 1996 Blackwell Publishers Ltd..
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Suggested Citation

  • S. Brock Blomberg, 1994. "A model of voter choice in a life cycle setting," Research Paper 9404, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednrp:9404
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    References listed on IDEAS

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    1. Ray C. Fair, 1994. "The Effect of Economic Events on Votes for President: 1992 Update," Cowles Foundation Discussion Papers 1084, Cowles Foundation for Research in Economics, Yale University.
    2. Fair, Ray C, 1978. "The Effect of Economic Events on Votes for President," The Review of Economics and Statistics, MIT Press, vol. 60(2), pages 159-173, May.
    3. William D. Nordhaus, 1989. "Alternative Approaches to the Political Business Cycle," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 20(2), pages 1-68.
    4. Alberto Alesina, 1987. "Macroeconomic Policy in a Two-Party System as a Repeated Game," The Quarterly Journal of Economics, Oxford University Press, vol. 102(3), pages 651-678.
    5. Alesina, Alberto & Londregan, John, 1993. "A Model of the Political Economy of the United States," Scholarly Articles 4552529, Harvard University Department of Economics.
    6. Philippe Weil, 1987. "Love Thy Children: Reflections on the Barro Debt Neutrality Theorem," Sciences Po publications info:hdl:2441/8711, Sciences Po.
    7. Alesina, Alberto, 1987. "Macroeconomic Policy in a Two-party System as a Repeated Game," Scholarly Articles 4552531, Harvard University Department of Economics.
    8. Fair, Ray C, 1982. "The Effect of Economic Events on Votes for President: 1980 Results," The Review of Economics and Statistics, MIT Press, vol. 64(2), pages 322-325, May.
    9. repec:cup:apsrev:v:87:y:1993:i:01:p:12-33_09 is not listed on IDEAS
    10. William D. Nordhaus, 1975. "The Political Business Cycle," Review of Economic Studies, Oxford University Press, vol. 42(2), pages 169-190.
    11. repec:cup:apsrev:v:65:y:1971:i:01:p:131-143_30 is not listed on IDEAS
    12. Weil, Philippe, 1987. "Love thy children : Reflections on the Barro debt neutrality theorem," Journal of Monetary Economics, Elsevier, vol. 19(3), pages 377-391, May.
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    Keywords

    Political science;

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