Uncertainty Shocks in a Model of Effective Demand: Reply
成果类型：
Editorial Material
署名作者：
Basu, Susanto; Bundick, Brent
署名单位：
Boston College; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
刊物名称：
ECONOMETRICA
ISSN/ISSBN：
0012-9682
DOI：
10.3982/ECTA16262
发表日期：
2018
页码：
1527-1531
关键词：
摘要：
de Groot, Richter, and Throckmorton, 2018 argue that the model in Basu and Bundick, 2017 can match the empirical evidence only because the model assumes an asymptote in the economy's response to an uncertainty shock. In this Reply, we provide new results showing that our model's ability to match the data does not rely either on assuming preferences that imply an asymptote nor on a particular value of the intertemporal elasticity of substitution. We demonstrate that shifting to preferences that are not vulnerable to the Comment's critique does not change our previous conclusions about the propagation of uncertainty shocks to macroeconomic outcomes.
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