| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5262 |
| 来源ID | Working Paper 5262 |
| Asset Pricing Lessons for Modeling Business Cycles | |
| Michele Boldrin; Lawrence J. Christiano; Jonas D.M. Fisher | |
| 发表日期 | 1995-09-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | We develop a model which accounts for the observed equity premium and average risk free rate, without implying counterfactually high risk aversion. The model also does well in accounting for business cycle phenomena. With respect to the conventional measures of business cycle volatility and comovement with output, the model does roughly as well as the standard business cycle model. On two other dimensions, the model's business cycle implications are actually improved. Its enhanced internal propagation allows it to account for the fact that there is positive persistence in output growth, and the model also provides a resolution to the 'excess sensitivity puzzle' for consumption and income. Key features of the model are habit persistence preferences, and a multisector technology with limited intersectoral mobility of factors of production. |
| 主题 | Macroeconomics ; Other |
| URL | https://www.nber.org/papers/w5262 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562709 |
| 推荐引用方式 GB/T 7714 | Michele Boldrin,Lawrence J. Christiano,Jonas D.M. Fisher. Asset Pricing Lessons for Modeling Business Cycles. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5262.pdf（580KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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