Fiscal Policy with Impure Integenerational Altruism
探讨在代际联系存在微小摩擦时，财政政策的中性（李嘉图等价）是否近似成立，发现摩擦虽能削弱强中性结果，但模型有其他问题，李嘉图等价的理论基础仍不牢固。
Recent work demonstrates that dynastic assumptions guarantee the irrelevance of redistributional policies, distortionary taxes, and prices--the neutrality of fiscal policy (Ricardian equivalence) is only the tip of the iceberg. This paper investigates the possibility of reinstating approximate Ricardian equivalence by introducing a small amount of friction in intergenerational links. If Ricardian equivalence depends upon significantly shorter chains of links than do these stronger neutrality results, then friction may dissipate the effects that generate strong neutrality, without significantly affecting the Ricardian result. However, models with friction have other untenable implications and, thus, the theoretical case for Ricardian equivalence remains tenuous. Copyright 1991 by The Econometric Society.