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Tax Timing and Liquidity Constraints: A Heterogenous-Agent Model

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  • Daniel, Betty C

Abstract

This paper considers the Ricardian equivalence hypothesis in a model in which some families face binding liquidity constraints and others do not. The source of heterogeneity that generates binding constraints in some families, but not in others, is shown to be the rate of intergenerational discount. In an economy populated by these two types of families, a change in tax timing has non-Ricardian short-run effects but many Ricardian long-run effects. This implies that heterogeneous agent models can reconcile some of the conflicting empirical evidence on Ricardian equivalence. Copyright 1993 by Ohio State University Press.

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Bibliographic Info

Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 25 (1993)
Issue (Month): 2 (May)
Pages: 176-96

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Handle: RePEc:mcb:jmoncb:v:25:y:1993:i:2:p:176-96

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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Cited by:
  1. Koumparoulis, Dimitrios, 2006. "Ευρωπαϊκή Δημοσιονομική Πολιτική Και Οικονομική Μεγέθυνση: Η Νεοκλασική Οικονομική Θεωρία Για Την Περίπτωσ�," MPRA Paper 44310, University Library of Munich, Germany.
  2. Douglas W. Elmendorf & N. Gregory Mankiw, 1998. "Government debt," Finance and Economics Discussion Series 1998-09, Board of Governors of the Federal Reserve System (U.S.).
    • Elmendorf, Douglas W. & Gregory Mankiw, N., 1999. "Government debt," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669 Elsevier.
  3. Heathcote, Jonathan, 2001. "Fiscal Policy with Heterogeneous Agents and Incomplete Markets," Working Papers 01-03, Duke University, Department of Economics.
  4. Smetters, Kent, 1999. "Ricardian equivalence: long-run Leviathan," Journal of Public Economics, Elsevier, vol. 73(3), pages 395-421, September.

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