How Effective is Fiscal Policy in Raising National Saving?
通过估计包含有限期界和流动性约束两类主体的私人消费函数，利用跨国面板数据检验了不同财政工具对国民储蓄的影响，发现完全李嘉图等价不成立，且工业国与发展中国家存在显著差异。
While fiscal adjustment is commonly viewed as the cornerstone of macroeconomic stabilization, the effectiveness of alternative fiscal instruments in raising national saving is still poorly understood. This paper enters the debate by estimating a private consumption function that allows for two types of agents - finite horizons and liquidity constraints - and nests three different consumption hypotheses. Using a large-panel data set that includes both industrial and developing countries, we reject full Ricardian equivalence. We also find substantial differences between industrial and developing countries, regarding both the extent of Ricardian offsetting and the degree to which the government budget constraint is internalized. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology