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...

Keynes' General Theory (1936) is arguably one of the most important books of the twentieth century. His ideas for stabilizing the aggregate economy have profoundly influenced economic theory as well as popular opinion about what governments can and should do with respect to the business cycle....

Keynes' idea (1936) that governments can stabilize aggregate activity is one of the most important innovations in public policy thinking in the twentieth century. However, the extent to which Keynesian theory has actually influenced policy actions remains an open question. We reconsider the...