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Modeling Politics with Economic Tools: A Critical Survey of the Literature
Author:
Mr. Jan-Peter Olters
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Series:
IMF Working Papers
Volume/Issue:
Volume 2001: Issue 010
Language:
English
Publication Date:
01 Jan 2001
DOI:
https://doi.org/10.5089/9781451842692.001
ISBN:
9781451842692
ISSN:
1018-5941
Pages:
63
Keywords:
WP; Phillips curve; objective function; Endogenous politics; political business cycles; optimal government behavior; government behavior; center-left government; full employment; welfare economics; policy menu; utility function; Inflation; Unemployment; Personal income; Business cycles; Unemployment rate; North America; Western Europe
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Whereas the economics discipline possesses a highly refined theoretical apparatus to analyze the effects of government behaviour on the economy, it has not (yet) managed to fully develop a positively formulated "economic theory of politics" that would permit the integration of the decision-making processes of voters, parties and governments with those of consumers and firms. Considerable recent advances notwithstanding, the large and heterogeneous body of literature has (so far) remained outside the economic mainstrain. The paper surveys the main approaches used to endogenize democratic elements and assesses the underlying reasons for researchers' renewed interest in this field.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund