By committing policy, an incumbent in effect disowns an issue; when she maintains policy flexibility, the issue remains electorally salient. Electoral competition shapes political commitment decisions and collapses the multidimensional issue space into a low-dimensional space of electorally...

This paper models competitive political pressures as a signaling phenomenon. People participate in collective action in support of or against the status quo, or they abstain. Their actions and abstentions inform the decision of a policymaker who may overturn the status quo in favor of a policy...

Empirical studies of central bank independence and inflation identify Japan as an outlier. By standard measures, the Bank of Japan is one of the least independent central banks in the world, and yet Japan enjoys some of the lowest inflation rates. This paper develops a model of monetary link;...