| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28693 |
| 来源ID | Working Paper 28693 |
| Risky Business Cycles | |
| Susanto Basu; Giacomo Candian; Ryan Chahrour; Rosen Valchev | |
| 发表日期 | 2021-04-19 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We identify a shock that explains the bulk of fluctuations in equity risk premia, 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 reallocation away from full-time permanent labor positions, towards part-time and flexible contract workers. A flexible-price model with labor market frictions and fluctuations in risk appetite can explain all of these facts, both qualitatively and quantitatively. The size of risk-driven fluctuations depends on the relationship between the riskiness and the marginal product of different stores of value: if safe savings vehicles have relatively low marginal products, then a flight to safety will drive a larger aggregate contraction. |
| 主题 | Macroeconomics ; Consumption and Investment ; Business Cycles ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w28693 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586365 |
| 推荐引用方式 GB/T 7714 | Susanto Basu,Giacomo Candian,Ryan Chahrour,et al. Risky Business Cycles. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28693.pdf（966KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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