Arbeitspapier
A Case Where Barro Expectations Are Not Rational
This note generalizes Feldstein’s (1976) criticism of Barro’s(1974) analysis for the case that the interest rate exceeds the growth rate. This is done by considering an economy in steady state where all agents hold “Barro expectations”: they believe that government debt must necessarily be repaid and therefore leave the present value of their income streams unchanged. In this scenario, a change in the mode of taxation affects the present value of disposable income in the private sector. This violates their Barro expectations.
- Sprache
-
Englisch
- Erschienen in
-
Series: Munich Discussion Paper ; No. 2012-4
- Klassifikation
-
Wirtschaft
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
- Thema
-
Barro-Ricardo equivalence
Ricardian equivalence
fiscal policy
debt
taxation
rational expectations
Ricardianische Äquivalenz
Öffentliche Anleihe
Zins
Rationale Erwartung
Steuerpolitik
Steuerwirkung
Erwartungstheorie
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Schlicht, Ekkehart
- Ereignis
-
Veröffentlichung
- (wer)
-
Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
- (wo)
-
München
- (wann)
-
2012
- DOI
-
doi:10.5282/ubm/epub.12715
- Handle
- URN
-
urn:nbn:de:bvb:19-epub-12715-5
- Letzte Aktualisierung
-
20.09.2024, 08:25 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Schlicht, Ekkehart
- Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
Entstanden
- 2012
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