Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: http://hdl.handle.net/10419/104360
Autoren: 
Schlicht, Ekkehart
Datum: 
2013
Reihe/Nr.: 
Munich Discussion Paper [2012-18 (revised)]
Zusammenfassung: 
Economists are widely familiar with the Ricardian equivalence thesis. It maintains that, given the time-path of government spending, a change in taxation does not alter the set of feasible life-time consumption plans of the households and affects neither the demand for commodities and services nor the rate of interest, provided the households act rationally. In this note a surprising finding is established. Assuming that the agents in a standard infinite horizon growth model hold the very expectations the thesis proposes (“Ricardian expectations”), it is shown that these expectations are invalidated. This divergence from the Ricardian equivalence thesis is traced to the omission of interest payments on public debt as part of the households' disposable income. The non-equivalence is valid in a wide class of models.
Schlagwörter: 
Barro-Ricardo equivalence
Ricardian equivalence
fiscal policy
debt
taxation
rational expectations
Ricardian expectations
Barro expectations
tax neutrality
JEL: 
E2
E12
E6
H6
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe





Publikationen in EconStor sind urheberrechtlich geschützt.