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Many empirical tests of the Ricardian Equivalence Theorem are based on ordinary leastsquares estimations of consumption functions. In this paper it is shown that some of these estimations cannot be used to test the theorem. One reason is that the exogenous variables are correlated when governmental tax cuts are deficit-financed. The regression coefficients cannot correctly reflect the effects of a policy the Equivalence Theorem refers to. Another reason is that the income variables employed in the estimations are inappropriate.

jahrbücher für nationalökonomie und statistik

Einige kritische Anmerkungen zu empirischen Tests des Ricardianischen Äquivalenztheorems/Some Critical Remarks upon Empirical Tests of the Ricardian Equivalence Theorem