You are not currently logged in.
Access JSTOR through your library or other institution:
If You Use a Screen ReaderThis content is available through Read Online (Free) program, which relies on page scans. Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
The Price of Popularity: The Political Business Cycle Reexamined
David G. Golden and James M. Poterba
American Journal of Political Science
Vol. 24, No. 4 (Nov., 1980), pp. 696-714
Published by: Midwest Political Science Association
Stable URL: http://www.jstor.org/stable/2110954
Page Count: 19
You can always find the topics here!Topics: Political business cycles, Economic inflation, Coefficients, Economic policy, Voting, Economic fluctuations, Surplus, Gross national product, Full employment, Macroeconomic policy
Were these topics helpful?See somethings inaccurate? Let us know!
Select the topics that are inaccurate.
Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Preview not available
This paper examines the validity of the political business cycle theory as a description of the macroeconomic policy process in the United States. It considers the ability of incumbent presidents to enhance their approval ratings by manipulating monetary and fiscal tools. The first section estimates the potential political gains from economic expansion and finds that the stimulus needed to produce even small popularity gains is substantial. The second section examines the extent to which government economic policy has been influenced by the political environment. Reaction functions for various policy instruments are estimated, and the results are shown to cast substantial doubt on the importance of the political business cycle hypothesis as an explanation of macroeconomic policy.
American Journal of Political Science © 1980 Midwest Political Science Association