Why a Stubborn Conservative would Run a Deficit: Policy with Time- Inconsistent Preferences
分析一个偏好低公共消费的保守派政府，明知会被偏好高消费的政府取代，其政策选择如何导致公共消费水平介于两者之间，且更顽固的保守派会借更多债。
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.