Disasterization: A Simple Way to Fix the Asset Pricing Properties of Macroeconomic Models
提出一种名为“灾难化”的建模方法，在不改变宏观经济变量的前提下，通过引入资本和生产率灾难，使模型同时具备良好的商业周期和资产定价属性。
A central difficulty in economics is to create a model with both good business cycle properties and asset pricing properties. I show how to solve this difficulty by a simple portable modeling device: the “disasterization” of models. Take an economy with good business cycle properties and create a new, “disasterized” economy, which is essentially identical to the original one except that disasters can destroy part of the capital stock and productivity. In such a disasterized economy, asset prices exhibit high and volatile risk premia, but macro variables remain unchanged. Perturbations of this benchmark allow for feedback from finance to macro.