do not have access to the financial system. Also, determine that the non-Ricardian agents separate their consumption … period of his term income and non-Ricardian agents do not have the ability - for their low income-consumption separating the …

procyclical with output. Then, we build a Real Business Cycle model with Non-Ricardian agents and use rules to describe fiscal …

and Fiscal Policy, Non-Separable Preferences, Non-Ricardian Agents. 1. Introduction We model an economy in which both …. 2.1.1. Non-Ricardian agents Agents who have no access to the asset market have to rely on current after-tax wage income … interest rate is denoted i: While the non-Ricardian agents are workers only, Ricardian agents hold stakes in �rms. The variable …

population share of non-Ricardian agents rises. We derive simple optimal policy rules for the interest rate and fiscal surplus …: Consumption, Government Spending, Optimal Monetary and Fiscal Policy, Non-Separable Preferences, Non-Ricardian Agents. 1 …-period government debt held by the Ricardian agents. The nominal interest rate is denoted i: While the non-Ricardian agents are workers …

-price model with non-Ricardian agents, distortionary taxation and a Walrasian labor market. We derive a simple analytical …

capital income tax rate and leads to the steady state where the welfare of non ricardian agents is maximized could be Pareto …