POLITICS WITH AND WITHOUT POLICY†

Michelle Garfinkel and Amihai Glazer

Economics and Politics, 1996, vol. 8, issue 3, 251-265

Abstract: When strategic complementarities lead to the existence of multiple equilibria, a change in control of government may lead to changes in economic behavior by consumers or firms even if the different parties pursue the same policies. The existence of multiple equilibria, however, is not necessary to predict partisan effects. Furthermore, electoral uncertainty is not necessary to generate partisan effects; indeed, such uncertainty can dampen the cycle.

Date: 1996
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