Politics and Efficiency of Separating Capital and Ordinary Government Budgets
分析允许政府仅用债务融资资本项目的“黄金法则”，在代际交叠模型中证明当人口结构导致李嘉图等价不完全成立时，该法则能显著提升效率，并以美国不同时期数据校准说明改进程度。
We analyze a "golden rule" that separates capital and ordinary account budgets and allows a government to finance only capital items with debt. Many national governments followed this rule in the eighteenth and nineteenth centuries, and most U. S. states do today. We study an overlapping-generations economy where majorities choose durable and nondurable public goods in each period. When demographics imply even moderate departures from Ricardian equivalence, the golden rule substantially improves efficiency. Examples calibrated to U. S. demographics show greater improvements at the state level or with nineteenth century demographics than under current national demographics.