The Political Economy of Public Income Volatility: With an Application to the Resource Curse

We develop a model of the political consequences of public income volatility. As is standard, political incentives create inefficient policies, but we show that making income uncertain creates specific new effects. Future volatility reduces the benefit of being in power, making policy more efficient

我们构建了一个关于公共收入波动（public income volatility）所产生的政治后果的模型。遵循学界通用的研究范式，政治激励会催生低效政策，但本研究表明，收入不确定性会带来特定的全新效应：未来的收入波动会削弱执政者的执政收益，从而使政策更趋高效。