A Test of the Institutionally Induced Equilibrium Hypothesis: On the Limited Fiscal Impact of Two Celebrity Governors

Roger Congleton and Yang Zhou
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Yang Zhou: West Virginia University

No 18-02, Working Papers from Department of Economics, West Virginia University

Abstract: We test for the stabilizing effects of political institutions on fiscal policies by examining the impact of two unlikely governors on their state’s fiscal policies. Fiscal policies are joint products of executive and legislative decisions. These institutional factors tend to moderate the effect of changes in the chief executive, as does partisan competition for office. Jesse Ventura of Minnesota’s and Arnold Schwarzenegger of California were unique—surprise—governors of their respective states. Although both governors were arguably less constrained by partisan loyalties than most others, the other institutional factors would still tend to limit their impact on public policy. Our evidence suggests that in spite of their unique path to office neither governor had a significant impact on their state’s expenditures or deficits.

Keywords: Government Experience; Outsidership; Governor; Fiscal Impact; Minnesota; Jesse Ventura; California; Arnold Schwarzenegger (search for similar items in EconPapers)
JEL-codes: H71 H72 H77 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2018-01-11
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Journal Article: A test of the institutionally-induced equilibrium hypothesis: on the limited fiscal impact of two celebrity governors (2019)
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