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dc.contributor.authorMalley, Jimen_US
dc.contributor.authorPhilippopoulos, Apostolisen_US
dc.contributor.authorWoitek, Ulrichen_US
dc.date.accessioned2009-01-28T15:54:45Z-
dc.date.available2009-01-28T15:54:45Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/19057-
dc.description.abstractIn this paper we study the link between elections, fiscal policy and aggregate fluctuations. The set-up is a stylized dynamic stochastic general equilibrium model incorporating both technology and political re-election shocks. The later are incorporated via a two-party model with elections. The main theoretical prediction is that forward-looking incumbents, with uncertain prospects of re-election, find it optimal to follow relatively shortsighted fiscal policies, and that this hurts capital accumulation. Our econometric estimation, using U.S. data, finds a statistically significant link between electoral uncertainty and policy instruments and in turn macroeconomic outcomes.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesCESifo working papers 1593en_US
dc.subject.jelE6en_US
dc.subject.jelD9en_US
dc.subject.jelH5en_US
dc.subject.jelH1en_US
dc.subject.ddc330en_US
dc.subject.keywordpolitical uncertaintyen_US
dc.subject.keywordbusiness cycles & growthen_US
dc.subject.keywordoptimal policyen_US
dc.subject.keywordhybrid maximum likelihood estimationen_US
dc.subject.stwWahlverhaltenen_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwPolitischer Konjunkturzyklusen_US
dc.subject.stwSchätzungen_US
dc.subject.stwTheorieen_US
dc.subject.stwUSAen_US
dc.titleElectoral uncertainty, fiscal policy and macroeconomic fluctuationsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn503749419en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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