Impact of the UK general elections on total government expenditure cycles: theory and evidence

Easaw, J. and Garratt, D. ORCID: 0000-0002-6929-134X, 2006. Impact of the UK general elections on total government expenditure cycles: theory and evidence. European Journal of Political Economy, 22, pp. 292-306.

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Abstract

This paper presents a testable theoretical framework that extends the standard demand-side approach to modeling 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 found to be faster during the later stages of each election cycle.

Item Type:	Journal article
Publication Title:	European Journal of Political Economy
Creators:	Easaw, J. and Garratt, D.
Publisher:	Elsevier
Date:	2006
Volume:	22
Divisions:	Schools > Nottingham Business School
Record created by:	EPrints Services
Date Added:	09 Oct 2015 10:17
Last Modified:	09 Jun 2017 13:24
URI:	https://irep.ntu.ac.uk/id/eprint/10592

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