Testing Ricardian Neutrality with an Intertemporal Stochastic Model
构建并估计了一个跨期随机消费模型，用以色列1980年代上半叶的数据检验李嘉图等价命题，结果支持该命题，并给出了合理的消费函数参数估计。
The purpose of this paper is to develop and estimate a stochastic-intertemporal model of consumption behavior and to use it for testing a version of the Ricardian-equivalence proposition with time series data. Two channels that may give rise to deviations from this proposition are specified: Finite horizons and liquidity constraints. In addition, the model incorporates explicitly the roles of taxes, substitution between public , and private consumption, and different degrees of consumer goods' durability. The evidence, based on data for Israel in the first half of the 1980s, supports the Ricardian neutrality specification, yielding plausible estimates for the behavioral parameters of the aggregate consumption function.