The Political Business Cycle: New Evidence from the Nixon Tapes
利用尼克松总统的私人录音带，发现他操纵美联储制造政治商业周期，以牺牲长期经济为代价换取1972年连任胜利。
Drawing from the personal tape recordings made during the presidency of Richard Nixon, we uncover and report in this paper new evidence that Nixon manipulated Arthur Burns and the Federal Reserve Bank into creating a political business cycle that helped secure Nixon's reelection victory in 1972. Nixon understood the risks that his desired monetary policy imposed but chose to trade longer‐term economic costs to the economy for his own short‐term political benefit.