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@techreport{NBERw6336,
 title = "A Model of Endogenous Fiscal Deficits and Delayed Fiscal Reforms",
 author = "Velasco, Andres",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "6336",
 year = "1997",
 month = "December",
 doi = {10.3386/w6336},
 URL = "http://www.nber.org/papers/w6336",
 abstract = {This paper develops a political-economic model of fiscal policy one in which" government resources are a  common property' out of which interest groups can finance" expenditures on their preferred items.  This setup has striking macroeconomic implications. " First, fiscal deficits and debt accumulation occur even when there are no reasons for intertemporal smoothing.  Second deficits can be eliminated through a fiscal reform, but such a reform may only take place after a" delay during which government debt is built up.},
}