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Presentation summary - output and inflation. Democrats are...

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JohnHebson ECON 4999 Presentation Paper Critique After reading and presenting Alesina’s article, “Political Parties and the Business Cycle  in the United States, 1948 – 1984,” We gained much insight as to how political parties affect the  business cycle.  We also learned much about how different political administrations legislation  can affect the economy.  It shows that economic policy implementation has a much larger effect  on the economy when that particular administration is a newly elected one.  It goes on to explain  how that effect is weighted and becomes less noticeable towards the end of that administrations  term.  The empirical model was broad but effective in showing how certain political parties affect  the economy.  It shows the difference between republican and democratic policy in relation to 
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Unformatted text preview: output and inflation. Democrats are more concerned with an output target while republicans are more concerned with inflation or money growth. Overall, this paper was very well put together and informative. It confirmed that political parties did have an effect on the business cycle but not to the degree that people had previously thought. This paper showed that the effect was much smaller, only about 1 percent spending fluctuations, than anybody thought before. This result was very important to the field of economics because it confirmed a theory many people believed but also argued over the severity of. It gave quantifiable data that showed exactly how much policy affected the economy and how much spending fluctuated under different political parties....
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This note was uploaded on 02/28/2011 for the course ECON 4999 taught by Professor Barry,poulson during the Fall '07 term at Colorado.

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Presentation summary - output and inflation. Democrats are...

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