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Income Distribution, Political Instability, and Investment
This paper successfully tests on a sample of 70 countries for the period 1960-85 the following hypotheses. Income inequality, by fueling social discontent, increases socio-political instability. TheExpand
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On the Number and Size of Nations
This paper studies the equilibrium determination of the number of countries in different political regimes, and in different economic environments, with more or less economic integration. We focus onExpand
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Macroeconomic Policy in a Two-Party System as a Repeated Game
This paper considers the interaction of two parties with different objectives concerning inflation and unemployment and rational and forward-looking wage-setters. If discretionary policies areExpand
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Political Cycles and the Macroeconomy
The relationship between political and economic cycles is one of the most widely studied topics in political economics. This book examines how electoral laws, the timing of elections, the ideologicalExpand
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Fighting Poverty in the US and Europe: A World of Difference
As events highlight deep divisions in attitudes between America and Europe, this is a very timely study of different approaches to the problems of domestic inequality and poverty. Based on carefulExpand
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A Positive Theory of Fiscal Deficits and Government Debt
This paper considers an economy in which policymakers with different preferences alternate in office as a result of elections. Government debt is used strategically by each policymaker to influenceExpand
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Credibility and Policy Convergence in a Two-party System with Rational Voters
The traditional approach to modeling political parties' behavior, based upon the contribution of Anthony Downs (1957), assumes that the parties' unique objective is to win elections: thus, theyExpand
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Fairness and redistribution
Different beliefs about the fairness of social competition and what determines income inequality influence the redistributive policy chosen in a society. But the composition of income in equilibriumExpand
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Political instability and economic growth
This paper investigates the relationship between political instability and per capita GDP growth in a sample of 113 countries for the period 1950 through 1982. We define political instability as theExpand
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Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence
This note uses information on a sample of sixteen OECD countries to assess the relationship between central bank independence and macroeconomic performance. As previous work suggests, politicallyExpand
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