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The Presidential Political Business Cycle of 1972

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  • Keller, Robert R.
  • May, Ann Mari

Abstract

Previous studies of the political business cycle have examined time series data to determine whether a pattern of pre-election boom and post-election slump exists. The studies do not investigate the behavior and mechanisms by which a politician may effectuate a political business cycle. We focus on one time period, 1969 to 1972, and conclude that President Nixon's personality and operating environment explain why he manipulated the economy for political gain. The mechanisms he utilized to improve macroeconomic conditions before the 1972 election include monetary policy, fiscal policy, and wage-price controls.

Suggested Citation

  • Keller, Robert R. & May, Ann Mari, 1984. "The Presidential Political Business Cycle of 1972," The Journal of Economic History, Cambridge University Press, vol. 44(2), pages 265-271, June.
    • Handle: RePEc:cup:jechis:v:44:y:1984:i:02:p:265-271_03
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    Cited by:

    1. Chiu, Eric M.P., 2020. "Reexamining the Macroeconomic Policy Cycle in Taiwan: Evidence from the Central Bank’s Monetary Reaction Function," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 61(2), pages 89-110, December.
    2. Akhmed Akhmedov & Ekaterina Zhuravskaya, 2004. "Opportunistic Political Cycles: Test in a Young Democracy Setting," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(4), pages 1301-1338.

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