有关ricardian equivalence的。
Consider the neoclassical growth model with a government that needs to finance a flow expenditure
ofG>0. Suppose that government spending does not affect utility and that the government
can finance this expenditure by using lump-sum taxes (that is, some amount T(t) imposed on each
household at time t regardless of the household’s income level and capital holdings) and debt, so
that the government budget constraint takes the form
˙ b(t) = r(t)b(t) + g − T(t ),
where b(t) denotes its debt level. The no-Ponzi condition for the government is
lim
t→∞

b(t) exp

−

t
0
(r(s) − n) ds

= 0.
Prove the following Ricardian equivalence result: any path of lump-sum taxes [T(t)]∞
t=0 that
satisfies the government’s budget constraint (together with the no-Ponzi condition) leads to the
same equilibrium path of capital-labor ratio and consumption. Interpret this result.