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Defense planning and fiscal strategy

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  • Peter Berck
  • Jonathan Lipow
  • Yakir Plessner

Abstract

In this article, we consider the optimal fiscal strategy of a government interested in maximizing expected social welfare in the face of a potential future security threat. While the common wisdom is that countries facing security threats should seek to bolster their fiscal position in order to 'save for a rainy day', we find that the optimization of expected social welfare may require governments to run 'precautionary' fiscal deficits.

Suggested Citation

  • Peter Berck & Jonathan Lipow & Yakir Plessner, 2010. "Defense planning and fiscal strategy," Applied Economics Letters, Taylor & Francis Journals, vol. 17(11), pages 1063-1065.
    • Handle: RePEc:taf:apeclt:v:17:y:2010:i:11:p:1063-1065
    DOI: 10.1080/00036840902817557
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