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- Title
Party Differences in Macroeconomic Policies and Outcomes.
- Authors
Chappell, Henry W.; Jr.; Keech, William R.
- Abstract
Although the nature of the differences between parties in democratic electoral politics is an enduring question in political science, surprisingly little is understood about the subject. But substantial progress has been made in recent years, most notably in understanding party differences in macroeconomic policies and outcomes. The first breakthrough was economist Douglas Hibbs's analysis of party-related differences in the unemployment rate. In his time-series analysis for the U.S., Hibbs modeled the path of unemployment as an autoregressive-moving average process subject to a dummy variable intervention term indicating party of the president. His analysis indicated that Democratic administrations were associated with lower unemployment than Republicans by 2.36 points after eight years in office, and even larger differences in "long-run equilibrium." A subsequent article by economist Nathaniel Beck addressed the same issue, and found the party differences less sharp when administration-specific policy differences are considered.
- Subjects
UNITED States; UNITED States economic policy; ECONOMIC equilibrium; UNITED States political parties; HIBBS, Douglas A., 1944-; RATIONAL expectations (Economic theory); MACROECONOMICS; POLITICAL parties; ECONOMIC policy
- Publication
American Economic Review, 1986, Vol 76, Issue 2, p71
- ISSN
0002-8282
- Publication type
Article