| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8040 |
| 来源ID | Working Paper 8040 |
| The Welfare Cost of Business Cycles Revisited: Finite Lives and Cyclical Variation in Idiosyncratic Risk | |
| Kjetil Storesletten; Chris I. Telmer; Amir Yaron | |
| 发表日期 | 2000-12-01 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper investigates the welfare costs of business cycles in a heterogeneous agent, overlapping generations economy which is distinguished by idiosyncratic labor market risk. Aggregate variation arises both in terms of aggregate productivity shocks and countercyclical variation in the volatility of idiosyncratic shocks. Based on both aggregate data and microeconomic data from the Panel Study on Income Dynamics, we find the welfare benefits of eliminating aggregate variation to be large an order of magnitude larger than those originally documented by Lucas (1987). The key difference is countercyclical variation in idiosyncratic risk, which both amplifies the welfare cost of aggregate productivity shocks and imposes a cost of its own. The magnitude of these effects increases non-linearly in risk aversion. Our results support the increasingly popular notion that distributional effects are an important aspect of understanding the welfare cost of business cycles. |
| 主题 | International Economics ; International Factor Mobility ; Microeconomics ; Market Structure and Distribution |
| URL | https://www.nber.org/papers/w8040 |
| 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/565631 |
| 推荐引用方式 GB/T 7714 | Kjetil Storesletten,Chris I. Telmer,Amir Yaron. The Welfare Cost of Business Cycles Revisited: Finite Lives and Cyclical Variation in Idiosyncratic Risk. 2000. |
| 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 | ||
| w8040.pdf（362KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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