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Risky Business Cycles

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NBER2021-04-01 更新2025-01-04 收录
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We identify a shock that explains the bulk of fluctuations in the equity risk premium, and show that the shock also explains a large fraction of the business-cycle comovements of output, consumption, employment, and investment. Recessions induced by the shock are associated with a reallocation away

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2021-04-01
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