Income Smoothing as Rational Equilibrium Behavior? A Second Look
重新审视Lambert（1984）关于真实收入平滑的结论，发现其识别的特定效应实为错误，在考虑所有因素后，均衡行为对收入平滑的支持很弱。
ABSTRACT In this paper I revisit the issue of real income smoothing in the setting used by Lambert (1984). I demonstrate that the particular effect identified in his paper is actually an error: under his assumptions, there is no input-driven equilibrium income smoothing of the type he suggests. There are, however, several other drivers of equilibrium behavior ignored in that paper. In this paper, I identify those and, for the particular model structure, show that when all effects are considered together, there is little support for the suggestion that second-best earnings generally are being smoothed through the equilibrium behavior.