Presidential Approval and the Inherited Economy.

Are leaders held accountable for inherited conditions, and does accountability increase with time in office? I combine hundreds of opinion polls to test how new presidents are rewarded or punished for current economic perceptions, and how these judgments evolve over time. I find the economy influences voter evaluations in a president's first year, that it influences evaluations more so in the second year, and that it does not influence evaluations any more in later years. Surveys of governor approval and state economic conditions yield similar results, as does an original survey experiment exploiting the varying tenure of state governors in the wake of the 2018 elections. While raising questions about voter competence, these findings also suggest leaders have incentives to spread effort more broadly over their terms. [ABSTRACT FROM AUTHOR]