This paper inquires the following research question that “to what extent, do election years have explanatory power to predict central and local governmental administrative units’ budget deficits in electoral districts?” Theoretically, this research’s theoretical part utilizes the...

Political budget cycles (PBCs) result from the credibility problems that office-motivated incumbents face under asymmetric information, due to their temptation to manipulate fiscal policy to increase their electoral chances. We analyze the role of rules that limit debt, crucial for aggregate...

Intro -- Contents -- Acknowledgments -- Chapter 1 Introduction -- Chapter 2 The Structural Context of Macroeconomic Policy Choice -- Chapter 3 Partisanship and Fiscal and Monetary Policy -- Chapter 4 Elections and Fiscal and Monetary Policy -- Chapter 5 Partisan Differences and Macroeconomic...