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dc.contributor.authorSalyer, Kevin D.en
dc.date.accessioned2006-01-04-
dc.date.accessioned2010-05-14T11:04:07Z-
dc.date.available2010-05-14T11:04:07Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/31339-
dc.description.abstractThis paper reproduces Lucas's analysis of the costs of business cycles in an economy with a low probability, crash state in consumption growth. For reasonable parameter values, it is shown that the presence of a crash state dramatically increases the costs ofconsumption volatility. Specifically, for relative risk aversion around 5, households in the US economy would, in aggregate, pay over $60 billion (approximately 3% of consumption in 2001) to eliminate consumption uncertainty. The conclusion is that stabilization policy is important not for its effects on second moments but inreducing kurtosis by lowering both the probability and severity of a crash state.en
dc.language.isoengen
dc.publisher|aUniversity of California, Department of Economics |cDavis, CAen
dc.relation.ispartofseries|aWorking Paper |x05-5en
dc.subject.jelE10en
dc.subject.jelE32en
dc.subject.jelE60en
dc.subject.ddc330en
dc.subject.stwMakroökonomiken
dc.subject.stwKonjunkturen
dc.subject.stwSoziale Kostenen
dc.subject.stwTheorieen
dc.titleMacroeconomic priorities and crash states-
dc.type|aWorking Paperen
dc.identifier.ppn505100908en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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