 Furthermore, if Frank loses a dollar and you gain a dollar, Barro's model implies that you Steve will take your new found dollar and hand it to Frank.Kyle Bagwell and Douglas Bernheim independently reached Kotlikoff's conclusion, namely that the Barro model had patently absurd implications.Together with Assaf Razin and Robert Rosenthal, Kotlikoff showed in [4] that dropping the unrealistic assumption that transfers are taken as given and permitting individuals to refuse transfers (e.g., refusing your mother's offer of an extra helping of cabbage) invalidates Barro's proposition of Ricardian Equivalence.