On the Structural Interpretation of the Smets–Wouters “Risk Premium” Shock
证明Smets和Wouters(2007)中的“风险溢价”冲击可被解释为对安全流动性资产（如短期美国国债）需求的结构性冲击，并讨论了这一解释的若干含义。
This article shows that the “risk premium” shock in Smets and Wouters (2007) can be interpreted as a structural shock to the demand for safe and liquid assets such as short‐term U.S. Treasury securities. Several implications of this interpretation are discussed.