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Disaster Risk in a New Keynesian Model (2013)

Brede, Maren

Berlin : Humboldt-Universität zu Berlin, Wirtschaftswissenschaftliche Fakultät

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Details

UID:

edochu_18452_5112

Umfang: 1 Online-Ressource (30 Seiten)

ISSN: 1860-5664

Serie: 2013,20

Inhalt: This paper develops a simple New Keynesian model incorporating a small time-varying probability that the economy is struck by a disaster in the future. The model's main prediction is that a small increase in the disaster probability causes a recession in the economy, specifically due to limited saving opportunities inasmuch as the model abstracts from capital accumulation. By contrasting its findings to the ones of a comparable real business cycle model, this paper evaluates how the disaster hypothesis has been used and modelled in the existing literature.

Sprache: Englisch

DOI: 10.18452/4460

URN: urn:nbn:de:kobv:11-100210985

URL: Volltext (kostenfrei)

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