Government Debt, Life-Cycle Income and Liquidity Constrains : Beyond Approximate Ricardian Equivalence /
Evans (1991) has demonstrated that Blanchard's (1985) finite-horizon model obeys approximate Ricardian equivalence. We show that this result is determined largely by an unrealistic assumption that labor income grows monotonically over a consumer's entire lifetime. Introducing more realisti...
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| Andere auteurs: | , |
| Formaat: | Tijdschrift |
| Taal: | English |
| Gepubliceerd in: |
Washington, D.C. :
International Monetary Fund,
1996.
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| Reeks: | IMF Working Papers; Working Paper ;
No. 1996/140 |
| Online toegang: | Full text available on IMF |