Risk Shocks

doi:10.1257/aer.104.1.27

2014-01-01

811

PRE

Lawrence J. Christiano *

Motto, Roberto

Massimo Rostagno

DOI：10.1257/aer.104.1.27

原文链接

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摘要

En 中文

We augment a standard monetary dynamic general equilibrium model to include a Bernanke-Gertler-Gilchrist financial accelerator mechanism. We fit the model to US data, allowing the volatility of cross-sectional idiosyncratic uncertainty to fluctuate over time. We refer to this measure of volatility as risk. We find that fluctuations in risk are the most important shock driving the business cycle.

Keyword:

BUSINESS CYCLES

AGENCY COSTS

LABOR-MARKET

NET WORTH

FLUCTUATIONS

IMPACT

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期刊

American Economic Review

IF:

11.6

论文数:

5.0K

被引数:

7.5W

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European Central Bank

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1.2K

论文数: 1.3K

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Northwestern University

学者数:

6.2W

论文数: 5.3W

被引数: 3.9K

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