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A political business cycle with boundedly rational agents
In: Diskussionsbeiträge aus dem Volkswirtschaftlichen Seminar der Universität Göttingen 101
Central bank's partisan preferences and the political business cycle
In: Diskussionsbeiträge aus dem Volkswirtschaftlichen Seminar der Universität Göttingen 86
Die Bedeutung der Zentralbankunabhängigkeit für den politischen Konjunkturzyklus
In: Diskussionsbeiträge aus dem Volkswirtschaftlichen Seminar der Universität Göttingen 85
Changes of the payoff matrix in repeated prisoner's dilemma and their effects on the limit sets of evolution: a note
In: Diskussionsbeiträge aus dem Volkswirtschaftlichen Seminar der Universität Göttingen 69
A Political Business Cycle with Boundedly Rational Agents
In: European journal of political economy, Band 17, Heft 1, S. 39-52
ISSN: 0176-2680
This paper shows that being "rational" is not crucial for rational opportunistic political business cycle theory. Partisan & independent central banks initiate a political business cycle even if voters & central banks adapt to positive rewards. I consider a central bank that is independent but has party preferences. Voters prefer competence, but do not know the government's competence. Therefore, the central bank signals competence through an expansive monetary policy. The approach used is a simulation of artificial adaptive agents in an evolutionary programming setup. In contrast to a model with complete rationality, the convergence of the evolutionary path is not unique in the simulation. Political, nonpolitical & nonequilibria (in a game theoretical sense) coexist. Coordination occurs frequently. 8 Figures, 39 References. Adapted from the source document.
A Model of Partisan Central Banks and Opportunistic Political Business Cycles
In: European journal of political economy, Band 13, Heft 3, S. 503
ISSN: 0176-2680
Bread and the attrition of power: Economic events and German election results
In: Public choice, Band 141, Heft 1, S. 151-166
ISSN: 0048-5829
Evolutionary dynamics in the voting game
In: Public choice, Band 85, Heft 1-2, S. 157-172
ISSN: 0048-5829
Complex dynamics in a cobweb model with adaptive production adjustment
In: Diskussionsbeiträge aus dem Volkswirtschaftlichen Seminar der Universität Göttingen 95