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Political business cycles 40 years after Nordhaus

Eric Dubois ()
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Eric Dubois: Université de Paris 1

Public Choice, 2016, vol. 166, issue 1, 235-259

Abstract: Abstract The aim of this article is to survey the huge literature that has emerged in the last four decades following Nordhaus’s (Rev Econ Stud 42(2):169–190, 1975) publication on political business cycles (PBCs). I first propose some developments in history of thought to examine the context in which this ground-breaking 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 PBCs, 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)
JEL-codes: B22 D72 D78 E32 (search for similar items in EconPapers)
Date: 2016
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