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- Title
Political business cycles 40 years after Nordhaus.
- Authors
Dubois, Eric
- 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.
- Subjects
POLITICAL business cycles; NORDHAUS, William D., 1941-; ELECTIONS; ECONOMICS &; politics; MACROECONOMICS
- Publication
Public Choice, 2016, Vol 166, Issue 1/2, p235
- ISSN
0048-5829
- Publication type
Article
- DOI
10.1007/s11127-016-0313-z