Risk Premium Shocks Can Create Inefficient Recessions
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We develop an equilibrium theory of business cycles driven by spikes in risk premiums that depress business demand for capital and labor. Aggregate shocks increase firms uninsurable idiosyncratic risk and raise risk premiums. We show that risk shocks can create quantitatively realistic recessions,
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美国国家经济研究局创建时间：
2020-02-01
