Suppose That Congress Passes a Law to Permanently Cut Taxes

Essay

Suppose that Congress passes a law to permanently cut taxes starting the next year. Assuming that consumers do not follow Ricardian equivalence, when would consumers adjust their consumption spending according to: a. the Keynesian consumption functi on?
b. the Fisher two-period model with binding borrowing constraints?
c. the random-walk hyp othesis (the permanent-income hyp othesis with rational expectations) with no binding borrowing constraint?