| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7792 |
| DP7792 Does Ricardian Equivalence Hold When Expectations are not Rational? | |
| Seppo Honkapohja; George W. Evans; Kaushik Mitra | |
| 发表日期 | 2010-04-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper shows that the Ricardian Equivalence proposition can continue to hold when expectations are not rational and are instead formed using adaptive learning rules. In temporary equilibrium, with given expectations, Ricardian Equivalence holds under the standard conditions for its validity under rational expectations. Furthermore, Ricardian Equivalence holds for paths of temporary equilibria under learning provided suitable additional conditions on learning dynamics are satisfied. New cases of failure of the Ricardian proposition emerge under learning. Most importantly, agents' expectations must not depend on government's financial variables under deficit financing. |
| 主题 | International Macroeconomics |
| 关键词 | Expectations Ramsey model Ricardian equivalence Taxation |
| URL | https://cepr.org/publications/dp7792 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536633 |
| 推荐引用方式 GB/T 7714 | Seppo Honkapohja,George W. Evans,Kaushik Mitra. DP7792 Does Ricardian Equivalence Hold When Expectations are not Rational?. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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