《Risk Shcoks》

此篇论文发表在2014年 American Economic Review上。 作者把微观债务契约框架加入到商业周期的标准货币模型 。 使用美国宏观经济数据， 作者发现金融风险冲击对GDP波动影响甚大。

简介

We augment a standard monetary dynamic general equilibrium model to include a Bernanke-Gertler-Gilchrist financial accelerator mechanism. We fit the model to US data, allowing the volatility of cross-sectional idiosyncratic uncertainty to fluctuate over time. We refer to this measureof volatility as risk. We find that fluctuations in risk are the most important shock driving the business cycle.