Electing for stability: Democracy and output volatility, 1960-2019

Fabio Monteforte (University of Messina)
Jonathan Temple (independent, UK)
Emanuele Millemaci (University of Messina)

Abstract

This paper examines the relationship between output volatility and democracy, decade by
decade after 1960. Using a range of approaches to identification, we find that democracy
lowers volatility.

Download the file