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General elections and government expenditure cycles: Theory and evidence from the UK

Easaw, Joshy and Garratt, Dean 2006. General elections and government expenditure cycles: Theory and evidence from the UK. European Journal of Political Economy 22 (2) , -. 10.1016/j.ejpoleco.2005.08.003

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Abstract

This paper presents a testable theoretical framework that extends the standard demand-side approach to modelling government expenditure on goods and services. The focus is on the adjustment of expenditure to disequilibria: we investigate whether the adjustment of UK exhaustive government expenditure between 1966 and 2002 to its long-run equilibrium path is symmetric. The evidence points to asymmetric adjustment to the demands of a representative voter over the election cycle but not between Labour and Conservative governments. Convergence to equilibrium is faster during the later stages of each election cycle.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Publisher: Elsevier
ISSN: 0176-2680
Date of Acceptance: 29 August 2005
Last Modified: 10 Dec 2019 11:15
URI: http://orca-mwe.cf.ac.uk/id/eprint/127054

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