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Keywords:Political science 

Journal Article
Review essay on Breaking the Vicious Circle by Stephen Breyer, 1993

Regional Review , Issue Win , Pages 26

Report
Education, political instability, and growth

Empirical evidence suggests a positive association between income levels and growth rates on the one hand, and political stability and educational attainment on the other. This paper develops a simple finite--horizon overlapping growth model that in the absence of institutions for precommitment has a political equilibrium with inefficiently low growth, low educational attainment, and high returns to schooling. In the model, the laissez-faire growth rate is inefficient due to an intergenerational externality in the decision to accumulate knowledge. We then contrast the efficient growth rate ...
Research Paper , Paper 9737

Report
A model of voter choice in a life cycle setting

Research Paper , Paper 9404

Report
A simple model of conflicting horizons

Research Paper , Paper 9417

Report
Growth, political instability and the defense burden

Research Paper , Paper 9420

Report
Finite horizons, political economy, and growth

This paper analyzes the political economy of growth when agents and the government have finite horizons and equilibrium growth is inefficient. A "representative" government (that is, one whose preferences reflect those of its constituents) endowed merely with the ability to tax and transfer can improve somewhat on the market allocation but cannot achieve first-best growth. Efficiency requires in addition the ability to bind future governments. We argue that this ability is related to political stability, and provide empirical evidence that stability and growth-related policies (namely ...
Staff Reports , Paper 102

Report
Effect of redrawing of political boundaries on voting patterns: evidence from state reorganization in India

This paper analyzes the effect of a redrawing of political boundaries on voting patterns and investigates whether it leads to closer conformity of an electorate's voting patterns with its political preferences. We study these issues in the context of a reorganization of states in India. In 2000, Madhya Pradesh, the biggest state in India before the reorganization, was subdivided into Madhya Pradesh and Chhattisgarh, the latter accounting for less than one-fourth of the electorate of undivided Madhya Pradesh. Using socioeconomic composition and traditional voting patterns, we argue that there ...
Staff Reports , Paper 301

Report
The politics of central bank independence: a theory of pandering and learning in government

We propose a theory to explain why, and under what circumstances, a politician endogenously gives up rent and delegates policy tasks to an independent agency. Applied to monetary policy, this theory (i) formalizes the rationale for delegation highlighted by Alexander Hamilton, the first Secretary of the Treasury of the United States, and by Alan S. Blinder, former Vice Chairman of the Board of Governors of the Federal Reserve System; and (ii) does not rely on the inflation bias that underlies most existing theories of central bank independence. Delegation trades off the cost of having a ...
Staff Reports , Paper 205

Journal Article
Taxes and the electoral cycle: how sensitive are governors to coming elections?

Business Review , Issue Mar , Pages 17-26

Journal Article
On the emergence of parliamentary government: the role of private information

The way many dictators have been deposed in the 20th century resembles the way a parliamentary form of government emerged in 13th-century England. This medieval example is worth examining because the features that led to its political reform are particularly clear. Despite what many think, that reform cannot be understood simply as a shift in military power from ruler to subjects. Rather, understanding the reform requires understanding that the English king had recently acquired private information crucial to his subjects. Such private information became important after England lost Normandy ...
Quarterly Review , Volume 17 , Issue Win , Pages 2-16

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