Heterogeneous risk preferences and the welfare cost of business cycles

Review of Economic Dynamics - Tập 11 - Trang 761-780 - 2008
Sam Schulhofer-Wohl1
1Department of Economics and Woodrow Wilson School of Public and International Affairs, Princeton University, 363 Wallace Hall, Princeton, NJ 08544, USA

Tài liệu tham khảo

Alvarez, 2004, Using asset prices to measure the cost of business cycles, Journal of Political Economy, 112, 1223, 10.1086/424738 Barlevy, 2004, The cost of business cycles under endogenous growth, American Economic Review, 94, 964, 10.1257/0002828042002615 Barro, R.J., 2007. On the welfare costs of consumption uncertainty. Manuscript, Harvard University Barsky, 1997, Preference parameters and behavioral heterogeneity: An experimental approach in the Health and Retirement Study, Quarterly Journal of Economics, 112, 537, 10.1162/003355397555280 Blundell, R., Pistaferri, L., Preston, I., 2006. Consumption inequality and partial insurance. Manuscript, University College London and Stanford University DeLong, 1988, How does macroeconomic policy affect output?, Brookings Papers on Economic Activity, 1988, 433, 10.2307/2534535 Garner, 2006, The CE and the PCE: A comparison, Monthly Labor Review, 129, 20 Horowitz, 2001, The bootstrap, 3159, 10.1016/S1573-4412(01)05005-X Krusell, 1998, Income and wealth heterogeneity in the macroeconomy, Journal of Political Economy, 106, 867, 10.1086/250034 Krusell, 1999, On the welfare effects of eliminating business cycles, Review of Economic Dynamics, 2, 245, 10.1006/redy.1998.0043 Lucas, 1987 Obstfeld, 1994, Evaluating risky consumption paths: The role of intertemporal substitutability, European Economic Review, 38, 1471, 10.1016/0014-2921(94)90020-5 Ramey, G., Ramey, V.A., 1991. Technology commitment and the cost of economic fluctuations. Working paper No. 3755, National Bureau of Economic Research Schulhofer-Wohl, S., 2007. Heterogeneity, risk sharing and the welfare costs of idiosyncratic risk. Manuscript, Princeton University Wilson, 1968, The theory of syndicates, Econometrica, 36, 119, 10.2307/1909607