
KCI등재
학술저널
Revisiting the Cost of Business Cycles: A Demand Shock Channel
- 김형석(Hyung Seok Kim) 주세민(Se Min Joo)
- 한국계량경제학회
- JOURNAL OF ECONOMIC THEORY AND ECONOMETRICS
- Vol.30 No.2
- 등재여부 : KCI등재
- 2019.06
- 55 - 75 (21 pages)
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.
1. 서 론
2. 모 형
3. 시뮬레이션
4. 결과 및 검토
5. 결 론