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Why a Stubborn Conservative would Run a Deficit: Policy with Time- Inconsistent Preferences
Abstract
A conservative government, in favor of a low level of public consumption, knows that it will be replaced by a government in favor of a larger level of public consumption. We show that the resulting level of public consumption is in between the levels the two governments would choose if each were in power both in the present and in the future. In particular, we show that if the conservative government is more stubborn (in a particular sense) than the succeeding government, the conservative government will borrow more than it would had it remained in power in the future.
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Citations
Cites
A Positive Theory of Fiscal Deficits and Government Debt
Alesina, A., & Tabellini, G. (1990) · The Review of Economic Studies · doi:10.2307/2298021 · Cited by 1,568
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Besley, T., & Persson, T. (2009) · American Economic Review · doi:10.1257/aer.99.4.1218 · Cited by 1,637
Self-citationFrom Financial Crash to Debt Crisis
Reinhart, C. M., & Rogoff, K. S. (2011) · American Economic Review · doi:10.1257/aer.101.5.1676 · Cited by 1,556
On the Form of Transfers to Special Interests
Coate, S., & Morris, S. (1995) · Journal of Political Economy · doi:10.1086/601449 · Cited by 593
Powell, R. (2006) · International Organization · doi:10.1017/s0020818306060061 · Cited by 585
Political Institutions and Policy Choices: Evidence from the United States
Besley, T., & Case, A. (2003) · Journal of Economic Literature · doi:10.1257/jel.41.1.7 · Cited by 401
Metadata
- Authors
- Persson, T., & Svensson, L. E. O.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1989-05
- Volume
- 104
- Issue
- 2
- Pages
- 325
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W1971301429
- Cited by
- 1,211
- References
- 1
- FWCI
- 25.02
- Type
- journal article
- Language
- en
- Open access
- closed
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- CoChat. (2026). Citation check: Why a Stubborn Conservative would Run a Deficit: Policy with Time- Inconsistent Preferences. https://app.cochat.ai/papers/10.2307/2937850
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- Persson, T., & Svensson, L. E. O. (1989). Why a Stubborn Conservative would Run a Deficit: Policy with Time- Inconsistent Preferences. The Quarterly Journal of Economics. https://doi.org/10.2307/2937850
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
