High inflation economies often do not exhibit smooth inflationary processes, but rather stop-go cycles. This paper relates these stop-go episodes of inflation to a political cycle. The government can try to repress inflation until after the elections in order to increase the chances of being...

Examining all inflationary cycles during the reform era (1978-present), this paper finds out that China's inflationary cycles during the reform era exhibit a clear pattern that the increase of the growth rate of money supply directly results in inflation expectation, and the decrease of the...

The vintage political business cycle framework of Nordhaus (1975) represents the idea that the macroeconomic business cycle is manipulated opportunistically by an incumbent government to achieve re-election. A key assumption in this prototypical framework is that voters discount their memories...