A Political Economy Model of Congressional Careers | Zendy

Daniel Diermeier | Zendy; Michael P. Keane | Zendy; Antonio Merlo | Zendy

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A Political Economy Model of Congressional Careers

Author(s) -

Daniel Diermeier,

Michael P. Keane,

Antonio Merlo

Publication year - 2005

Publication title -

american economic review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 16.936

H-Index - 297

eISSN - 1944-7981

pISSN - 0002-8282

DOI - 10.1257/0002828053828464

Subject(s) - wage , economics , politics , value (mathematics) , private sector , labour economics , affect (linguistics) , term (time) , political science , law , economic growth , sociology , physics , communication , quantum mechanics , machine learning , computer science

Our main goal is to quantify the returns to a career in the United States Congress. We specify a dynamic model of career decisions of a member of Congress and estimate this model using a newly collected dataset. Given estimates of the structural model, we assess reelection probabilities, estimate the effect of congressional experience on private and public sector wages, and quantify the value of a congressional seat. Moreover, we assess how an increase in the congressional wage or the imposition of term limits would affect the career decisions of politicians and the returns from a career in Congress.

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