Ricardian equivalence: long-run Leviathan
构建了一个异质性代际交叠模型，其中代际贴现是随机的。模型表明，在温和条件下，长期资本强度对多种理论批评具有稳健性，结论与多数文献相反。
This paper presents a heterogenous overlapping-generations with-altruism model in which intergenerational discounting is stochastic. The model nests three popular macroeconomics models: those of Ramsey (Economic Journal, 38 (152) (1928) 543–559), Diamond (American Economic Review, 55 (1965) 1126–1150) and a variant of the Blanchard (Journal of Political Economy 93 (2) (1985) 223–247), Buiter (The Economic Journal 98 (391) (1988) 279–293), Weil (Journal of Public Economics 38 (2) (1989) 183–198) model. It is shown that, under a mild condition originally derived by Weil (Journal of Monetary Economics 19 (3) (1987) 377–391), the long-run capital intensity is robust to practically every popular theoretical criticism of the standard Ricardian model. These criticisms include the imperfect inheritability of time preference parameters (and hence finite horizons on the part of all households), myopia in the form of overly discounting the future, borrowing constraints, distortionary labor taxation, exchange/strategic bequest motives, common cultural constraints (egalitarian bequests and primogeniture), endogenous fertility and `joy of giving'. While precautionary saving can theoretically violate long-run neutrality, the asymptotic capital intensity is still bounded below by preference parameters. The overall conclusions are sharply at odds with those found in most articles dealing with the theoretical foundations of Ricardian equivalence.