This paper considers a policy environment in which policy is not set by a single policymaker, but by a sequence of policymaking administrations. Administration turnover is determined by a simple random process. The consequences of administration turnover are traced through for two versions of a linear rational expectations model, and numerical simulations of various policy environments are presented.
Published in: _International Economic Review_ (Vol. 28, No. 3, October 1987, pp. 731-755) https://doi.org/10.2307/2526576.