Macroeconomic Policy in a Two-party System as a Repeated Game

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Macroeconomic Policy in a Two-party System as a Repeated Game

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dc.contributor.author Alesina, Alberto
dc.date.accessioned 2010-11-09T18:44:13Z
dc.date.issued 1987
dc.identifier.citation Alesina, Alberto. 1987. Macroeconomic policy in a two-party system as a repeated game. Quarterly Journal of Economics 102(3): 651-678. en_US
dc.identifier.issn 0033-5533 en_US
dc.identifier.uri http://nrs.harvard.edu/urn-3:HUL.InstRepos:4552531
dc.description.abstract 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 are followed, an economic cycle related to the political cycle results in equilibrium. This cycle is significantly different from the traditional "political business cycle." Reputational mechanisms due to the repeated interaction of the two parties and the public or commitments to a common policy rule can improve upon the discretionary outcome by reducing or eliminating the magnitude of the economic fluctuations. en_US
dc.description.sponsorship Economics en_US
dc.language.iso en_US en_US
dc.publisher MIT Press en_US
dc.relation.isversionof http://dx.doi.org/10.2307/1884222 en_US
dash.license LAA
dc.title Macroeconomic Policy in a Two-party System as a Repeated Game en_US
dc.type Journal Article en_US
dc.description.version Version of Record en_US
dc.relation.journal Quarterly Journal of Economics en_US
dash.depositing.author Alesina, Alberto
dc.date.available 2010-11-09T18:44:13Z

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  • FAS Scholarly Articles [7106]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University

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