of winning the election, the strong prediction of complete policy divergence. The evidence is more consistent with full …

how these mappings affect voters' participation to an election. We show that the effect of such institutional differences … in the ex-ante closeness of the election and peaks when the population is evenly split between the two parties. These …

This paper assesses if voting for democracy affects long-term electoral participation. We study the effects of … participating in Chile's 1988 plebiscite, which determined whether democracy would be reinstated after a 15-year long military ….3) percentage points in the 2017 Presidential election. These effects are robust to different specifications and distinctive to the …

A key tenet of representative democracy is that politicians' discourse and policies should follow voters' preferences … content of 9,000 primary and general election websites of candidates for the U.S. House of Representatives, 2002-2016, as well …

We define and study transparency, credibility, and reputation in a model where the central bank's characteristics are … unobservable to the private sector and are inferred from the policy outcome. A low-credibility bank optimally conducts a more … inflationary policy than a high-credibility bank, in the sense that it induces higher inflation, but a less expansionary policy in …

more foreign-currency debt. We propose that monetary policy credibility explains the currency composition of sovereign debt … and nominal bond risks in the presence of risk-averse investors. In our model, low credibility governments inflate during … inflation, investors require risk premia on nominal debt, making nominal debt issuance costly for low credibility governments …