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The Impact of Monetary Strategies on Inflation Persistence
Kočenda, Evžen - 2017
We analyze the impact of price stability-oriented monetary strategies (inflation targeting — IT — and constraining … exchange rate arrangements) on inflation persistence using a time-varying coefficients framework in a panel of 68 countries … (1993–2013). We show that explicit IT has a stronger effect on taming inflation persistence than implicit IT and is …
Persistent link: https://www.econbiz.de/10012962672
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Hyperbolic Memory Discounting and the Political Business Cycle
Findley, T. Scott - 2015
prototypical framework is that voters discount their memories about unemployment and inflation at a constant rate. Yet starting …
Persistent link: https://www.econbiz.de/10013012274
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Dynasties and the Political Budget Cycle
Daniele, Gianmarco - 2017
Families often play a significant role in representative democracies. In this paper, we test the extent to which dynastic and non-dynastic leaders differ in their policy making. Our empirical analysis focuses on local politics in Italy, using a large sample of mayors and mayoral candidates in...
Persistent link: https://www.econbiz.de/10012964778
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Self-Preserving Leviathans - Evidence from Regional-Level Data
Kluge, Jan - 2015
This paper investigates the impact of the intensity of political competition on the leviathan behavior by political incumbents. Using panel data from German municipalities, we test whether the relative political strength of parties in local councils influences the spending behavior of...
Persistent link: https://www.econbiz.de/10013028902
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Political Competition and Convergence to Fundamentals : With Application to the Political Business Cycle and the Size of Government
Ferris, J. Stephen - 2006
We address the problem of how to investigate whether economics, or politics, or both, matter in the explanation of public policy. The problem is first posed in a particular context by uncovering a political business cycle (using Canadian data for 130 years) and by taking up the challenge to make...
Persistent link: https://www.econbiz.de/10012781541
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Electoral Uncertainty, Fiscal Policy and Macroeconomic Fluctuations
Malley, Jim - 2005
In this paper we study the link between elections, fiscal policy and aggregate fluctuations. The set-up is a stylized dynamic stochastic general equilibrium model incorporating both technology and political re-election shocks. The later are incorporated via a two-party model with elections. The...
Persistent link: https://www.econbiz.de/10012784084
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The Democratic-Republican Presidential Growth Gap and the Partisan Balance of the State Governments
Cahan, Dodge - 2017
Higher economic growth was generated during Democratic presidencies compared to Republican presidencies in the United States. The question is why. Blinder and Watson (2016) explain that the Democratic-Republican presidential growth gap (D-R growth gap) can hardly be attributed to the policies...
Persistent link: https://www.econbiz.de/10012952476
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Business Taxes and the Electoral Cycle
Foremny, Dirk - 2012
The purpose of this paper is to assess whether politicians manipulate the timing of tax rate changes in a strategic way to maximize reelection prospects. To do so, we exploit the German local business tax as a testing ground which is set autonomously by German municipalities. As election dates...
Persistent link: https://www.econbiz.de/10013110804
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Electoral Cycles in Savings Bank Lending
Englmaier, Florian - 2013
We provide evidence that German savings banks – where local politicians are by law involved in their management – systematically adjust lending policies in response to local electoral cycles. The different timing of county elections across states and the existence of a control group of...
Persistent link: https://www.econbiz.de/10013075619
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Voting Suffrage and the Political Budget Cycle : Evidence from the London Metropolitan Boroughs 1902-1937
Aidt, Toke Skovsgaard - 2014
We study the opportunistic political budget cycle in the London Metropolitan Boroughs between 1902 and 1937 under two different suffrage regimes: taxpayer suffrage (1902-1914) and universal suffrage (1921-1937). We argue and find supporting evidence that the political budget cycle operates...
Persistent link: https://www.econbiz.de/10013058501