Asako, Yasushi; Matsubayashi, Tetsuya; Ueda, Michiko - Institute for Monetary and Economic Studies, Bank of Japan - 2012
What are the fiscal consequences of legislative term limits? To answer this question, we first study how the average seniority of a legislature affects government spending. We develop a legislative bargaining model that predicts a U-shaped relationship between average seniority and spending: the...