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摘要
En 中文
Fear of risk provides a rationale for protracted economic downturns. We develop a real business cycle model where investors with decreasing relative risk aversion choose between a risky and a safe technology that exhibit decreasing returns. Because of a feedback effect from the interest rate to risk aversion, two equilibria can emerge: a standard equilibrium and a safe one in which investors invest in safer assets. We refer to the dynamics of this second equilibrium as a safety trap because it is self-reinforcing as investors accumulate more wealth and show it to be consistent with Japan's lost decade.
Keyword:
HABIT FORMATION
ASSET RETURNS
LIQUIDITY
JAPAN
EQUILIBRIA
PRIVATE
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A
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5.7
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1.4K
被引数:
4.4K
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SUBSTITUTION, RISK-AVERSION, AND THE TEMPORAL BEHAVIOR OF CONSUMPTION AND ASSET RETURNS - A THEORETICAL FRAMEWORK.png)
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