LACK OF COMMITMENT AND THE LEVEL OF DEBT
研究缺乏承诺如何影响公共债务的演变，发现缺乏承诺会使债务收敛到特定水平，甚至趋向零债务，且不完全可信承诺下的小偏差即可产生此结果。
The tendency of countries to accumulate public debt has been rationalized in models of political disagreement and lack of commitment. We analyze in a benchmark model how the evolution of public debt is affected by lack of commitment per se. While commitment introduces indeterminacy in the level of debt, lack of commitment creates incentives for debt to converge to specific levels. One of the levels that debt often converges to implies no debt accumulation at all. In a simple example we prove analytically that debt converges to zero, and we analyze numerically more complex models. We also show in an imperfect credibility setting that a small deviation from full-commitment is enough to obtain these results.