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来源类型Working Paper
规范类型报告
DOI10.3386/w26721
来源IDWorking Paper 26721
Risk Premium Shocks Can Create Inefficient Recessions
Sebastian Di Tella; Robert E. Hall
发表日期2020-02-03
出版年2020
语种英语
摘要We develop an equilibrium theory of business cycles driven by spikes in risk premiums that depress business demand for capital and labor. Aggregate shocks increase firms’ uninsurable idiosyncratic risk and raise risk premiums. We show that risk shocks can create quantitatively realistic recessions, with contractions in employment, consumption, and investment. Business cycles are inefficient—output and employment fall too much during recessions, compared to the constrained-efficient allocation, and consumption should rise. Optimal policy involves stimulating employment and consumption during recessions.
主题Macroeconomics ; Consumption and Investment ; Business Cycles
URLhttps://www.nber.org/papers/w26721
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/584395
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GB/T 7714
Sebastian Di Tella,Robert E. Hall. Risk Premium Shocks Can Create Inefficient Recessions. 2020.
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