Blanes i Vidal, Jordi, Draca, Mirko and Fons-Rosen, Christian (2010) Revolving door lobbyists. CEP Discussion Papers, CEPDP0993. Centre for Economic Performance, London School of Economics and Political Science, London, UK.
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Washington's 'revolving door' - the movement from government service into the lobbying industry - is regarded as a major concern for policy-making. We study how ex-government staffers benefit from the personal connections acquired during their public service. Lobbyists with experience in the office of a US Senator suffer a 24% drop in generated revenue when that Senator leaves office. The effect is immediate, discontinuous around the exit period and long-lasting. Consistent with the notion that lobbyists sell access to powerful politicians, the drop in revenue is increasing in the seniority of and committee assignments power held by the exiting politician.
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