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Welfare Consequences of the Six-Year Presidential Term Evaluated in the Context of a Model of the U.S. Economy

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  • Chappell, Henry W.
  • Keech, William R.

Abstract

We evaluate the six-year presidential term proposal in the context of a model of the U.S. economy characterized by a short-run but not a long-run trade-off between inflation and unemployment. Votes and public welfare are separately conceptualized as functions of inflation and unemployment, which are indirectly controlled by the president through manipulation of government spending.In a series of simulation experiments, the vote-maximizing choice of policy instruments led to less we(fare loss with six- than with four-year terms under most conditions. Ironically, vote maximizing was shown to lead not only to short- and long-term welfare loss, but also to long-run political disadvantage.

Suggested Citation

  • Chappell, Henry W. & Keech, William R., 1983. "Welfare Consequences of the Six-Year Presidential Term Evaluated in the Context of a Model of the U.S. Economy," American Political Science Review, Cambridge University Press, vol. 77(1), pages 75-91, March.
    • Handle: RePEc:cup:apsrev:v:77:y:1983:i:01:p:75-91_24
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    Cited by:

    1. Henry Chappell & William Keech, 1985. "The political viability of rule-based monetary policy," Public Choice, Springer, vol. 46(2), pages 125-140, January.
    2. Freeman, John R., 1996. "A Computable Equilibrium Model for the Study of Political Economy," Bulletins 7484, University of Minnesota, Economic Development Center.
    3. Jim Granato & Melody Lo & M. C. Sunny Wong, 2010. "A Framework for Unifying Formal and Empirical Analysis," American Journal of Political Science, John Wiley & Sons, vol. 54(3), pages 783-797, July.

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