Risk Premium Shocks Can Create Inefficient Recessions
构建了一个价格灵活的商业周期模型，研究风险溢价飙升如何引发衰退，发现风险冲击会导致就业、消费和投资收缩，且衰退程度超过有效水平，因此需要政策刺激就业和消费。
Abstract We develop a simple flexible-price model of business cycles driven by spikes in risk premiums. Aggregate shocks increase firms’ uninsurable idiosyncratic risk and raise risk premiums. We show that risk shocks can create quantitatively plausible recessions, with contractions in employment, consumption, and investment. Business cycles are inefficient—output, employment, and consumption fall too much during recessions, compared to the constrained-efficient allocation. Optimal policy involves stimulating employment and consumption during recessions.