Boldrin, Michele; Christiano, Lawrence J.; Fisher, … - Federal Reserve Bank of Minneapolis - 1995
counterfactually high risk aversion. The model also does well in accounting for business-cycle phenomena. With respect to the … conventional measures of business-cycle volatility and comovement with output, the model does roughly as well as the standard … business-cycle model. On two other dimensions, the model’s business-cycle implications are actually improved. Its enhanced …