Risk and Ambiguity in Models of Business Cycles

We inject aggregate uncertainty - risk and ambiguity - into an otherwise standard business cycle model and describe its consequences. We find that increases in uncertainty generally reduce consumption, but they do not account, in this model, for either the magnitude or the persistence of the most re...

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Veröffentlicht in:	NBER Working Paper Series 2014-07, p.20319
Hauptverfasser:	Ferriere, Axelle, Zin, Stanley E, Backus, David
Format:	Artikel
Sprache:	eng
Schlagworte:	Approximation Asset Pricing Business cycles Consumption Economic Fluctuations and Growth Economic theory Productivity Recessions Risk exposure Uncertainty Variables
Online-Zugang:	Volltext
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