Revisiting the Cost of Business Cycles: A Demand Shock Channel

• 발행기관: 한국계량경제학회
• 저자명: 김형석(Hyung Seok Kim) 주세민(Se Min Joo)
• 간행물 정보: 『JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS』Vol.30 No.2, 55~75쪽, 전체 21쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2019.06.30

영문 초록

This paper estimates the welfare cost of the US business cycle episodes over the period 1964-2018. Under the restriction of a balanced growth path, the representative consumer in a frictionless, competitive business cycle world would reduce GDP by around 1.3 percent each year to eliminate business cycle risk; our estimates are comparable to the benefits of stabilization by Barro(2009). The key to these results is augmentation with investment-specific shocks `a la Fisher (2006) to a standard business cycle model.

목차

1. 서 론

2. 모 형

3. 시뮬레이션

4. 결과 및 검토

5. 결 론

키워드

Welfare Cost Business Cycles Investment-specific Technology Shocks