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dc.contributor.authorMalley, Jimen
dc.contributor.authorPhilippopoulos, Apostolisen
dc.contributor.authorWoitek, Ulrichen
dc.date.accessioned2009-01-28T15:54:45Z-
dc.date.available2009-01-28T15:54:45Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/19057-
dc.description.abstractIn this paper we study the link between elections, fiscal policy and aggregate fluctuations. Theset-up is a stylized dynamic stochastic general equilibrium model incorporating bothtechnology and political re-election shocks. The later are incorporated via a two-party modelwith elections. The main theoretical prediction is that forward-looking incumbents, withuncertain prospects of re-election, find it optimal to follow relatively shortsighted fiscalpolicies, and that this hurts capital accumulation. Our econometric estimation, using U.S.data, finds a statistically significant link between electoral uncertainty and policy instrumentsand in turn macroeconomic outcomes.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1593en
dc.subject.jelE6en
dc.subject.jelD9en
dc.subject.jelH5en
dc.subject.jelH1en
dc.subject.ddc330en
dc.subject.keywordpolitical uncertaintyen
dc.subject.keywordbusiness cycles & growthen
dc.subject.keywordoptimal policyen
dc.subject.keywordhybrid maximum likelihood estimationen
dc.subject.stwWahlverhaltenen
dc.subject.stwFinanzpolitiken
dc.subject.stwPolitischer Konjunkturzyklusen
dc.subject.stwSchätzungen
dc.subject.stwTheorieen
dc.subject.stwUSAen
dc.titleElectoral uncertainty, fiscal policy and macroeconomic fluctuations-
dc.typeWorking Paperen
dc.identifier.ppn503749419en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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