Partisan Politics, Divided Government, and the Economy

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1995 Hardcover Fair ***TOO LARGE for INTERNATIONAL SHIPPING! ! *** *Book only! *No DJ. Ex-library. Light interior markings. Good reading copy. Moderate wear. All items shipped ... to US include delivery confirmation. Thanks for looking! Read more Show Less

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This book develops an integrated approach to understanding the American economy and national elections. Economic policy is generally seen as the result of a compromise between the President and Congress. Because Democrats and Republicans usually maintain polarized preferences on policy, middle-of-the-road voters seek to balance the President by reinforcing in Congress the party not holding the White House. This balancing leads, always, to relatively moderate policies and, frequently, to divided government. The authors first outline the rational partisan business cycle, where Republican administrations begin with recession, and Democratic administrations with expansions, and next the midterm cycle, where the President's party loses votes in the mid-term congressional election. The book argues that both cycles are the result of uncertainty about the outcome of presidential elections. Other topics covered include retrospective voting on the economy, coat-tails, and incumbency advantage. A final chapter shows how the analysis sheds light on the economies and political processes of other industrial democracies.
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Editorial Reviews

From the Publisher
"...a challenging and important this key area of interdisciplinary research, Alesina and Rosenthal's multi-faceted formal arguments and empirical tests are likely to set the standard for many years." Keith Krehbiel, Stanford University

"Alesina and Rosenthal bring together two major themes in the current study of American politics—divided government and the political business cycle. In so doing, they develop a theoretically innovative, statistically well-grounded model of the United States political economy. A strong round of applause is in order." Michael S. Lewis-Beck, Professor, the University of Iowa

"Alesina and Rosenthal have made what will surely be an enduring contribution....This book represents a genuine advance in the political business cycle literature....This book is accessible and holds value for both economists and political scientists. It should prove very useful to graduate students, but will also be stimulating to readers who are already familiar with the existing literature on political business cycles. This book would make a nice addition to a graduate seminar on applied political economy; any course which covers political business cycles would be incomplete absent this book as a required text." Jeffrey Milyo, Journal of Politics

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Product Details

Table of Contents

List of tables, figures, and boxes
Series editors' preface
1 Introduction 1
2 Models of policy divergence 16
3 A theory of institutional balancing 43
4 The midterm cycle 83
5 Diversity, persistence, and mobility 121
6 Incumbency and moderation 137
7 Partisan business cycles 161
8 The president, Congress, and the economy 188
9 Economic growth and national elections in the United States: 1915-1988 204
10 Partisan economic policy and divided government in parliamentary democracies 243
References 260
Index 272
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