| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26721 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w26721 |
| 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/584395 |
| 推荐引用方式 GB/T 7714 | Sebastian Di Tella,Robert E. Hall. Risk Premium Shocks Can Create Inefficient Recessions. 2020. |
| 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 | ||
| w26721.pdf（715KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
