Ricardian Equivalence, Rational Expectations and the Permanent Income Hypothesis
在理性预期跨期消费模型中检验李嘉图等价命题和永久收入假说，使用美国年度数据，发现永久收入模型未被拒绝，但对李嘉图等价的证据不一。
The Ricardian equivalence proposition and the permanent income hypothesis are tested in an intertemporal consumption model with rational expectations. The representative consumer incorporates the government budget constraint. An alternative hypothesis of incomplete tax discounting is nested within this model. A deterministic time trend is rejected for the variables of the model. Variables exhibit instead a stochastic trend. The permanent income model is not rejected by annual U.S. data (i.e., no excess sensitivity is found). The evidence with respect to Ricardian equivalence is mixed. The empirical study employs theorems from the cointegration literature and specifically addresses issues of nonstationary regressors. Copyright 1990 by Ohio State University Press.