Barnett, Richard C.; Bhattacharya, Joydeep; Bunzel, Helle - Department of Economics, Iowa State University - 2013
preferences: either the altruistic bequest motive is operative for every generation (in which case, Ricardian equivalence obtains … inheritance, and vice versa—and that seals the fate for Ricardian equivalence. Consumption externalities may also generate …- and inter-generational consumption externalities. These externalities, by their very presence, do not destroy Ricardian …