English, Article edition: Risk Preferences and the Welfare Cost of Business Cycles Jim Dolmas

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  • article
Language
  • English

Edition details

Title
  • Risk Preferences and the Welfare Cost of Business Cycles
Author
  • Jim Dolmas
Physical Description
  • article
Notes
  • This paper reexamines the "cost of business cycle" calculations made by Lucas ("Models of Business Cycles," Basil Blackwell, New York, 1987) and Imrohoroglu (J. Polit. Econ. 97 (1989), 1364-1383) under alternative specifications of individuals' risk preferences and using alternative specifications of the stochastic process for per capita consumption. I find that for a class of preferences used by Epstein and Zin (J. Monetary Econom. 26 (1990), 387-407), in an analysis of the equity premium puzzle, which display "first-order" risk aversion, the welfare cost of business cycles is potentially much larger than previous estimates. (Copyright: Elsevier)
  • RePEc:red:issued:v:1:y:1998:i:3:p:646-676
Language
  • English
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