Measures of central bank independence combine many attributes that may or may not affect inflation. Central bank attributes are chosen as a result of political calculations over the distribution of resources between competing interest groups. Simultaneity bias results from regressions of central...

Past research of the effects of campaign spending in Congressional elections has found, contrary to expectations, that incumbent spending lowers votes he or she receives. The authors' model simultaneously determines votes and spending and eliminates this anomaly. A measure comparing the...