Recursive Utility, Endogenous Growth, and the Welfare Cost of Volatility /

Recursive Utility, Endogenous Growth, and the Welfare Cost of Volatility /

This paper proposes a measure of the welfare cost of volatitliy derived from an endogenous growth model (AK) under uncertainty extended to the case of a recursive utility function which disentangles risk aversion from intertemporal elasticity of substitution. It encompasses a direct welfare cost of...

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Bibliografiske detaljer
Hovedforfatter:	Pommeret, Aude
Andre forfattere:	Epaulard, Anne
Format:	Tidsskrift
Sprog:	English
Udgivet:	Washington, D.C. : International Monetary Fund, 2001.
Serier:	IMF Working Papers; Working Paper ; No. 2001/005
Online adgang:	Full text available on IMF

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