Is Ricardian Equivalence a Good Approximation?
Ricardian equivalence may be a good approximation even if all households have finite horizons, many households have short horizons, and an appreciable fraction of wage income is received by liquidity-constrained households. The approximation is likely to be better the more imperfect annuity markets are. Copyright 1991 by Oxford University Press.
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Volume (Year): 29 (1991)
Issue (Month): 4 (October)
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