Risk and Ambiguity in Models of Business Cycles

We inject aggregate uncertainty - risk and ambiguity - into an otherwise standard business cycle model and describe its consequences. We find that increases in uncertainty generally reduce consumption, but they do not account, in this model, for either the magnitude or the persistence of the most recent recession. We speculate about extensions that might do better along one or both dimensions

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Year of publication:	2014
Authors:	Backus, David K.
Other Persons:	Ferriere, Axelle (contributor) ; Zin, Stanley E. (contributor)
Publisher:	[2014]: [S.l.] : SSRN
Subject:	Risiko \| Risk \| Konjunkturtheorie \| Business cycle theory \| Privater Konsum \| Private consumption

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Extent:	1 Online-Ressource (48 p)
Series:	NBER Working Paper ; No. w20319
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 2014 erstellt
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013050286