Reflections on Ricardian Equivalence
AbstractThe Ricardian equivalence proposition for public debt in my 1974 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 1950s to the 1970s. 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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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5502.
Date of creation: Mar 1996
Date of revision:
Publication status: published as Maloney, J. (ed.) Debt and Deficits: An Historical Perspective. Edward Elgar, 1998.
Note: EFG PE
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Find related papers by JEL classification:
- H6 - Public Economics - - National Budget, Deficit, and Debt
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
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