American Economic Review· 2012Q1
Disaster Risk and Business Cycles
- 772citations
- Q1SCImago
- 2012year
Short summary
A real business cycle model incorporating a small risk of economic disaster (e.g., Great Depression) predicts that increased disaster risk lowers employment, output, investment, stock prices, and interest rates, while raising expected returns on risky assets.
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General Economics, Econometrics and FinanceEconomics, Econometrics and Finance