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- W2164612110 abstract "This 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 of consumption 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 in reducing kurtosis by lowering both the probability and severity of a crash state." @default.
- W2164612110 created "2016-06-24" @default.
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- W2164612110 date "2005-01-01" @default.
- W2164612110 modified "2023-09-23" @default.
- W2164612110 title "Macroeconomic Priorities and Crash States" @default.
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- W2164612110 doi "https://doi.org/10.2139/ssrn.771025" @default.
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