A Note on Multiplicative Uncertainty and Partisan Policies

In this paper we consider the effects of «multiplicative» uncertainty about the structure of the economy in the standard partisan model. An increase in the uncertainty decreases of the inflation rate pursued by the liberal policymaker, but increases the inflation rate pursued by the conservative policymaker. For certain configurations of the parameters, an increase in the uncertainty reduces the expected loss of both parties.

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Year of publication:	2004
Authors:	Castellani, Massimiliano ; Scorcu, Antonello E.
Publisher:	Bologna : Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
Subject:	Ökonomische Theorie der Demokratie \| Inflation \| Theorie

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Series:	Quaderni - Working Paper DSE ; 496
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	10.6092/unibo/amsacta/4798 [DOI] 378742639 [GVK] hdl:10419/159337 [Handle] RePEc:bol:bodewp:496 [RePEc]
Source:	EconStor

Persistent link: https://www.econbiz.de/10011651390