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Empirical Tests of Ricardian Equivalence

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  • Charles Bram Cadsby
  • Murray Frank

Abstract

The results of a series of experiments testing Ricardian equivalence are reported. The experimental design is based on an overlapping generations model similar to Barro (1974). Expansionary and contractionary fiscal policies are examined. When theory predicts a positive bequest, decision close to those predicted by Ricardian equivalence are observed after allowing for learning. The imposition of a binding non-negativity constraint on bequests produces the predicted Keynesian behavior. The cost of deviation from the theoretical equilibrium seem to be an important determinant of the variability of the observed decisions around the theoretical equilibrium.

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Bibliographic Info

Paper provided by Queen's University, Department of Economics in its series Working Papers with number 738.

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Length: 34 pages
Date of creation: 1988
Date of revision:
Handle: RePEc:qed:wpaper:738

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Cited by:
  1. Bolton, G. & Katok, E., 1995. "An Experimental Test of the Crowding Out Hypothesis: The Nature of Beneficient Behavior," UFAE and IAE Working Papers 295.95, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  2. Offerman, T.J.S. & Potters, J.J.M. & Verbon, H.A.A., 2001. "Cooperation in an overlapping generations experiment," Open Access publications from Tilburg University urn:nbn:nl:ui:12-86814, Tilburg University.
  3. Ricciuti, Roberto, 2008. "Bringing macroeconomics into the lab," Journal of Macroeconomics, Elsevier, vol. 30(1), pages 216-237, March.
  4. repec:egr:ejge00:v:1:i:1:p:106-125 is not listed on IDEAS
  5. Leif Helland & Jon Hovi & Lars Monkerud, 2012. "Can exit prizes induce lame ducks to shirk less? Experimental evidence," European Journal of Government and Economics, Europa Grande, vol. 1(2), pages 106-125, December.
  6. Artidiatun Adji & James Alm & Paul J. Ferraro, 2009. "Experimental tests of Ricardian equivalence with distortionary versus nondistortionary taxes," Economics Bulletin, AccessEcon, vol. 29(4), pages 2556-2572.
  7. repec:ebl:ecbull:v:8:y:2003:i:11:p:1-11 is not listed on IDEAS
  8. John Duffy, 2008. "Macroeconomics: A Survey of Laboratory Research," Working Papers 334, University of Pittsburgh, Department of Economics, revised Jun 2014.

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