We propose a two-period pure-exchange economy with spot and nominal security markets and a government that enacts a debt-financed tax cut in the first period and decrees a tax increase in the second one. We offer a counter-example to show that such fiscal policy affects the individual’s decisions through the Walrasian demand. The change in consumption allocation invalidates the Ricardian equivalence theorem in this economy even when the risk-free payoff belongs to the asset span. Moreover, this effect on real allocations is robust to small perturbations in the cost of public debt. The result is driven not by the incompleteness of the security markets, but by the no-matching between the risk-free return and the cost of the public debt.

我们建议建立一个具有现货和名义证券市场的两期纯交换经济体系，以及一个政府，该政府在第一个时期内实行债务融资减税，并在第二个时期内减税。我们提供了一个反例，以表明这种财政政策会通过瓦尔拉斯的需求影响个人的决策。即使无风险收益属于资产范围，消费分配的变化也会使该经济中的李嘉图等价定理无效。此外，这种对实际分配的影响对于公共债务成本的小幅波动具有较强的鲁棒性。其结果不是由证券市场的不完整所驱动，而是由无风险收益与公共债务成本之间的不匹配所驱动。