Despite significant empirical testing, a definitive conclusion on the Ricardian equivalence hypothesis has not been reached. An alternate empirical test examines whether legislators' votes to raise social security benefits are affected by the age compositions of their constituencies. Legislators...

This paper uses microeconomic data on firms' money demand and investment in physical capital for the period 1983-2006 to estimate the extent to which variation in the U.S. money supply is an endogenous response to variation in firms' demand for liquidity. We estimate a simple model in which each...