BARRO RICARDIAN EQUIVALENCE PDF

The Ricardian equivalence proposition for public debt in my JPE paper is related to the discussions in Ricardo's Funding System, Smith's Wealth of Nations, and a number of treatments in macroeconomics from the s to the s. Useful extensions of the basic invariance proposition involve tax smoothing in the context of distorting taxation and the determinants of the maturity and other characteristics of the debt structure in an environment of uncertainty. Published: Maloney, J. Debt and Deficits: An Historical Perspective.

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Gary S. Becker, Barro, Robert J, Robert J. Barro, Gordon, Barro, Robert J. David R. Bohn, Henning, Lucas, Robert Jr. Robert E. Lucas Jr. Stokey, O'Driscoll, Gerald P, Jr, Buchanan, James M, Feldstein, Martin S, Ferraro, An empirical analysis of the relationship between total debt and economic output ," European Journal of Government and Economics , Europa Grande, vol. Gabriel Di Bella, Yang-Ming Chang, You can help correct errors and omissions.

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Economic literature: papers , articles , software , chapters , books. FRED data. Reflections on Ricardian Equivalence. Registered: Robert J. The Ricardian equivalence proposition for public debt in my JPE paper is related to the discussions in Ricardo's Funding System, Smith's Wealth of Nations, and a number of treatments in macroeconomics from the s to the s. Useful extensions of the basic invariance proposition involve tax smoothing in the context of distorting taxation and the determinants of the maturity and other characteristics of the debt structure in an environment of uncertainty.

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Ricardian equivalence

The World of Economics pp Cite as. The Ricardian Equivalence Theorem is the proposition that the method of financing any particular path of government expenditure is irrelevant. More precisely, the choice between levying lump-sum taxes and issuing government bonds to finance government spending does not affect the consumption of any household nor does it affect capital formation. Unable to display preview. Download preview PDF. Skip to main content. This service is more advanced with JavaScript available.

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Ricardian Equivalence

The Ricardian equivalence proposition also known as the Ricardo—de Viti—Barro equivalence theorem [1] is an economic hypothesis holding that consumers are forward looking and so internalize the government's budget constraint when making their consumption decisions. This leads to the result that, for a given pattern of government spending, the method of financing that spending does not affect agents' consumption decisions, and thus, it does not change aggregate demand. Governments can finance their expenditures by creating new money, by levying taxes, or by issuing bonds. Since bonds are loans, they must eventually be repaid—presumably by raising taxes in the future.

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