Does Ricardian Equivalence Hold When Expectations Are Not Rational?
研究了在非理性预期（适应性学习）下李嘉图等价命题是否成立，发现满足特定学习条件时仍成立，但也会出现新的失效情形，尤其当代理人的预期依赖于政府赤字融资的金融变量时。
This paper considers the Ricardian Equivalence proposition when expectations are not rational and are instead formed using adaptive learning rules. We show that Ricardian Equivalence continues to hold provided suitable additional conditions on learning dynamics are satisfied. However, new cases of failure can also emerge under learning. In particular, for Ricardian Equivalence to obtain, agents’ expectations must not depend on government’s financial variables under deficit financing.