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

Easaw, Joshy ORCID: https://orcid.org/0000-0003-3476-4300 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:	Schools > Business (Including Economics)
Publisher:	Elsevier
ISSN:	0176-2680
Date of Acceptance:	29 August 2005
Last Modified:	26 Oct 2022 08:16
URI:	https://orca.cardiff.ac.uk/id/eprint/127054

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