Liquidity Constraints and the Ricardian Equivalence Theorem: Note
指出Hayashi（1987）模型中李嘉图等价定理成立的关键假设是债务人违约时债权人能获得部分偿付，但这一假设与个人破产事实不符；若采用更现实的假设（违约时债权人可能一无所获），则李嘉图等价定理不成立。
In Fumio Hayashi's 1987 model of consumption under imperfect capital markets, the Ricardian equivalence theorem holds. This paper shows that Hayashi's result depends on the creditor receiving a positive partial payment when the debtor chooses to default. The specification of a positive partial payment to the creditor when the debtor defaults is inconsistent with evidence on personal bankruptcies. Under the more empirically plausible specification that the creditor may receive nothing if the debtor defaults, the analysis shows the Ricardian equivalence theorem does not hold. Copyright 1989 by Ohio State University Press.