3 resultados para political finance

em Indian Institute of Science - Bangalore - Índia


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Military establishments are omnipresent if not everywhere omnipotent. While these costly bureaucracies are the bane of finance ministers around the world, they do provide an important opportunity for comparative analysis. This paper examines a military system—the Indian one—through time, and attempts to demonstrate the changing relationship of that system to Indian politics and society in general, and to the low-caste communities of India in particular. We select the low-caste untouchables because they represent an extreme challenge to the integrative capacity of both political and social systems, and because they have recently been the subject of intensive political and academic concern.Stephen P. Cohen is Assistant Professor of Political Science in Asian Studies at the University of Illinois. Research for this paper was supported by a fellowship from the American Institute of Indian Studies in 1964–65.

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In this article, we look at the political business cycle problem through the lens of uncertainty. The feedback control used by us is the famous NKPC with stochasticity and wage rigidities. We extend the New Keynesian Phillips Curve model to the continuous time stochastic set up with an Ornstein-Uhlenbeck process. We minimize relevant expected quadratic cost by solving the corresponding Hamilton-Jacobi-Bellman equation. The basic intuition of the classical model is qualitatively carried forward in our set up but uncertainty also plays an important role in determining the optimal trajectory of the voter support function. The internal variability of the system acts as a base shifter for the support function in the risk neutral case. The role of uncertainty is even more prominent in the risk averse case where all the shape parameters are directly dependent on variability. Thus, in this case variability controls both the rates of change as well as the base shift parameters. To gain more insight we have also studied the model when the coefficients are time invariant and studied numerical solutions. The close relationship between the unemployment rate and the support function for the incumbent party is highlighted. The role of uncertainty in creating sampling fluctuation in this set up, possibly towards apparently anomalous results, is also explored.