Structural Breaks in an Endogenous Growth Model
研究了结构性断点引发的参数不确定性对经济的影响，发现断点导致的不确定性比同等感知到的波动性上升对经济的影响更大，因为断点改变了信念和感知财富。
Abstract We study the effects of parameter uncertainty prompted by structural breaks. In our model, agents respond differently to uncertainty prompted by regime shifts in shock processes than they react to comparable perceived increases in shock volatility. The magnitude of the response to an increase in uncertainty about TFP associated with a structural break is greater than that of a response to a comparable perceived rise in volatility. This is because lifetime utility varies more when shocks shift beliefs and perceived wealth.