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Dr. Florian Neumeier: Do Businessmen Make Good Governors?

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Im Rahmen des Forschungskolloquiums des Institutes für Wirtschaftswissenschaften wird Dr. Florian Neumeier (ifo Institut München) am 21. November 2017 einen Vortrag an der Universität Freiburg halten.

  • Vorträge
Wann 21.11.2017
von 11:00 bis 13:00
Wo 2330
Termin übernehmen vCal

This paper empirically evaluates the economic performance of U.S. state governors who came to the position from a business background (CEO governors), focusing on the growth rate of real personal income per capita, unemployment rate, private investment, and income inequality. Methodologically, I apply a matching method to account for the endogeneity of political selection. Using entropy balancing, I identify credible counterfactuals for CEO governors, that is, governors without a business background who took office under similar economic and fiscal situations. The main findings are as follows: First, descriptive statistics suggest that businesspeople tend to take office in times of economic and fiscal strain. Second, the tenures of CEO governors are associated with a 0.6 percentage points higher annual income growth rate, a 0.4 pp higher growth rate of the private capital stock, and a 0.6 percentage points lower unemployment rate than are the tenures of non-CEO governors. Also, state-level income inequality decreases when CEO governors hold office, indicating that low-income households benefit from the economic upswing. Third, the positive effect of having a CEO governor increases with time in office. Fourth, Republican CEO governors perform slightly better than their Democratic colleagues.

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