کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099698 | 1377023 | 2007 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Electoral uncertainty, fiscal policy and macroeconomic fluctuations
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موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
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چکیده انگلیسی
In this paper we study the link between elections, fiscal policy and aggregate fluctuations. The setup is a stylized dynamic stochastic general equilibrium model incorporating both technology and political re-election shocks. The latter are incorporated via a two-party model with elections. The main theoretical prediction is that forward-looking incumbents, with uncertain prospects of re-election, find it optimal to follow relatively shortsighted fiscal policies, and that this hurts capital accumulation. Our econometric estimation, using U.S. data, finds a statistically significant link between electoral uncertainty and policy instruments and in turn macroeconomic outcomes.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 3, March 2007, Pages 1051-1080
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 3, March 2007, Pages 1051-1080
نویسندگان
Jim Malley, Apostolis Philippopoulos, Ulrich Woitek,