This paper develops a simple dynamic general equilibrium model of an agricultural economy, in which poor farmers borrow wheat from rich farmers to invest in their land. Since wheat output is stochastic (we allow for both idiosynchratic and aggregate shocks) there may be default ex-post. The main...

In the postwar United States the president's party has always done worse in the midterm congressional elections than in the previous congressional election. Republican administrations exhibit below-average, and Democratic administrations above-average, economic growth in the first half of each...

As a measure of the component of electoral change resulting from candidate selection variables, the foregoing regression analysis suggested that about 3% of all voters in the districts considered change their votes as a consequence of candidate selection policies. In competitive elections, these...