深圳市奥迪4s店:请帮我翻译,谢谢

THE RICARDIAN ALTERNATIVE
The Ricardian modification to the st andard analysis begins with the observation that , for a given path of government spending ,a deficit-financed cut in current taxes leads to higher future taxes that have the same present value as the initial cut .This result follows from the government's budget constraint ,which equates total expenditures for each period (including interest payments )to revenues from taxation or other sources and the net issue of interest-bearing public debt.Abstracting from chain-letter cases where the public debt can grow forever at the rate of interest or higher ,the present value of taxes (and other revenues) cannot change unless the government changes the present value of its expenditures .This point amounts fixed by the total present value of spending.Hence,holding fixed the path of government expenditures and non-tax revenues,a cut in today's taxes must be matched by a corresponding increase in the present value of future taxes.
Suppose now that households' demands for goods depend on the expected present value of taxes-that is ,each household subtracts its share of this present value from the expected present value of income to determine a net wealth position .Then fiscal policy would affect aggregate consumer demand only if it altered the expected present value of taxes .But the preceding argument was that the present value of taxes would not change as long as the present value of spending did not change .Therefore ,the substitution of a budget deficit for current taxes (or any other rearrangement of the timing of taxes )has no impact on the aggregate demand for goods.In this sense,budget deficits and taxation have equivalent effects on the economy-hence the term,'Ricardian equivalence theorem'.To put the equivalence result another way,a decrease in the government's saving (that is,a current budget deficit)leads to an offseting increase in desired private saving,and hence to no change in desired national saving.
Since desired national saving does not change ,the real interest rate does not have to rise in a closed economy to maintain balance between desired national saving and investment demand .Hence,there is no effect on investment,and no burden of the public debt or social security in the sence of Modigliani(1961)and Feldstein(1974).In a setting of an open economy there would also be no effect on the current-account balance because desired private saving rises by enough to avoid having to borrow from abroad .Therefore ,budget deficits would not cause current-account deficits.