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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| Format: | Book |
| Language: | English |
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Washington, D.C. :
International Monetary Fund,
1996
Washington, D.C. : 1996 |
| Series: | IMF Working Papers ;
Working Paper No. 96/140 IMF Working Papers ; Working Paper no. 96/140 IMF eLibrary |
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