| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9636 |
| DP9636 Safety Traps | |
| Kenza Benhima | |
| 发表日期 | 2013-09-08 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | Fear of risk provides a rationale for protracted economic downturns. We develop a real business cycle model where investors with decreasing relative risk aversion choose between a risky and a safe technology that exhibit decreasing returns. Because of a feedback effect from the interest rate to risk aversion, two equilibria can emerge: a standard equilibrium and a ``safe'' one in which investors invest in safer assets. We refer to the dynamics of this second equilibrium as a safety trap because it is self-reinforcing as investors accumulate more wealth and show it to be consistent with Japan's lost decade. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Japan's lost decade Risk aversion |
| URL | https://cepr.org/publications/dp9636 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538472 |
| 推荐引用方式 GB/T 7714 | Kenza Benhima. DP9636 Safety Traps. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
| 个性服务 |
| 推荐该条目 |
| 保存到收藏夹 |
| 导出为Endnote文件 |
| 谷歌学术 |
| 谷歌学术中相似的文章 |
| [Kenza Benhima]的文章 |
| 百度学术 |
| 百度学术中相似的文章 |
| [Kenza Benhima]的文章 |
| 必应学术 |
| 必应学术中相似的文章 |
| [Kenza Benhima]的文章 |
| 相关权益政策 |
| 暂无数据 |
| 收藏/分享 |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
