Risk Matters: The Real Effects of Volatility Shocks: Comment
指出Fernández-Villaverde等人的风险冲击商业周期模型存在时间加总错误，导致低估目标周期矩三倍；重新校准后利率风险冲击的影响增大，但修正净出口计算错误后模型表现更差。
We show that the risk-shock business cycle model of Fernández-Villaverde et al. (2011) must be recalibrated because it underpredicts the targeted business cycle moments by a factor of three once a time aggregation error is corrected. Recalibrating the corrected model for the benchmark case of Argentina, the peak response and the contribution of interest rate risk shocks to business cycle volatility increase. However, the recalibrated model does worse in capturing the business cycle properties of net exports once an additional error in the computation of net exports is corrected.