Political Business Cycles 40 Years after Nordhaus

Eric Dubois ()
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Eric Dubois: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: The aim of this article is to survey the huge literature that has emerged in the last four decades following Nordhaus's (1975) publication on political business cycles (PBCs). I first propose some developments in history of thought to examine the context in which this groundbreaking contribution saw the light of the day. I also present a simplified version of Nordhaus's model to highlight his key results. I detail some early critiques of this model and the fields of investigations to which they gave birth. I then focus on the institutional context and examine its influence on political business cycles, the actual research agenda. Finally, I derive some paths for future research.

Keywords: political business cycles; politico-economic cycles; electoral cycles; opportunistic cycles; conditional political business cycles (search for similar items in EconPapers)
Date: 2016-02-01
New Economics Papers: this item is included in nep-his, nep-hpe, nep-mac and nep-pol
Note: View the original document on HAL open archive server: https://hal.science/hal-01291401
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Citations: View citations in EconPapers (102)

Published in Public Choice, 2016, 166 (1-2), pp.235-259. ⟨10.1007/s11127-016-0313-z⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:cesptp:hal-01291401

DOI: 10.1007/s11127-016-0313-z

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