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Consumption, Wealth, and Finite Horizons: Tests of Ricardian Equivalence

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  • Graham, Fred C
  • Himarios, Daniel

Abstract

The authors find strongly non-Ricardian results when they reestimate Paul Evans's (1988) model using a better approximation of the market value of wealth. The authors also examine the long-run properties of the data and find results consistent with their regression evidence when they allow for declining labor income as modeled by Jordi Gali (1990). The authors' findings in support of non-Ricardian behavior by consumers stand in sharp contrast to those of both Evans and Gali. Copyright 1996 by Oxford University Press.

Suggested Citation

  • Graham, Fred C & Himarios, Daniel, 1996. "Consumption, Wealth, and Finite Horizons: Tests of Ricardian Equivalence," Economic Inquiry, Western Economic Association International, vol. 34(3), pages 527-544, July.
    • Handle: RePEc:oup:ecinqu:v:34:y:1996:i:3:p:527-44
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    Cited by:

    1. Brunila, Anne, 1997. "Current income and private consumption: Saving decisions: Testing the finite horizon model," Bank of Finland Research Discussion Papers 6/1997, Bank of Finland.
    2. Lorenzo Pozzi, 2003. "Tax Discounting in a High‐debt Economy," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 65(3), pages 261-282, July.
    3. Elmendorf, Douglas W. & Gregory Mankiw, N., 1999. "Government debt," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 25, pages 1615-1669, Elsevier.
    4. repec:zbw:bofrdp:1997_006 is not listed on IDEAS
    5. Roberto Ricciuti, 2003. "Assessing Ricardian Equivalence," Journal of Economic Surveys, Wiley Blackwell, vol. 17(1), pages 55-78, February.
    6. Brunila, Anne, 1997. "Current income and private consumption : Saving decisions : Testing the finite horizon model," Research Discussion Papers 6/1997, Bank of Finland.
    7. Daniel Himarios, 2000. "How Forward Looking Are Consumers? Further Evidence for the United States," Southern Economic Journal, John Wiley & Sons, vol. 66(4), pages 991-1000, April.
    8. Koumparoulis, Dimitrios, 2006. "Ευρωπαϊκή Δημοσιονομική Πολιτική Και Οικονομική Μεγέθυνση: Η Νεοκλασική Οικονομική Θεωρία Για Την Περίπτωση Της Ελλάδας [European Fiscal Policy and Economic Growth: The Neoclassical Economic Theory," MPRA Paper 44310, University Library of Munich, Germany.
    9. Muhammad Afzal, 2012. "Ricardian equivalence hypothesis: Evidence from Pakistan," E3 Journal of Business Management and Economics., E3 Journals, vol. 3(6), pages 258-265.
    10. Brunila, Anne, 1996. "Fiscal policy and private consumption: Saving decisions: Evidence from Finland," Bank of Finland Research Discussion Papers 28/1996, Bank of Finland.

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