Future Rent-Seeking and Current Public Savings
---- Acknowledgements -----
We are grateful to Stefania Albanesi, Marco Battaglini, Patrick Bolton, V.V. Chari, Tito Cordella, Michael Golosov, Simon Johnson, Narayana Kocherlakota, Jose Tessada, and Aleh Tsyvinski for comments. Caballero thanks the NSF for financial support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.