A Paradigm Shift in Analyzing the Ricardian Equivalence Theorem in Contemporary Fiscal Policy Contexts
Keywords:
Ricardian Equivalence Theorem, fiscal policy, econometric analysis, OECD countries, economic postulates, consumer heterogeneity, fiscal sustainability, government credibilityAbstract
This study critically examines the applicability of the Ricardian Equivalence Theorem within modern fiscal policy frameworks. Utilizing a comprehensive econometric model, we analyze cross-sectional data from OECD countries to explore deviations caused by heterogeneous agent behaviours. Our findings suggest that under specific socio-economic conditions, traditional interpretations may not hold, highlighting implications for policy design. The study provides nuanced insights into fiscal sustainability, encouraging a reevaluation of established economic postulates.
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