Risk Aversion in the Eurozone

  title={Risk Aversion in the Eurozone},
  author={Jonathan Benchimol},
  journal={Comparative Political Economy: Monetary Policy eJournal},
  • Jonathan Benchimol
  • Published 2014
  • Economics
  • Comparative Political Economy: Monetary Policy eJournal
  • We propose a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model where a risk aversion shock enters a separable utility function. We analyze five periods from 1971 through 2011, each lasting for 20 years, to follow over time the dynamics of several parameters such as the risk aversion parameter; the Taylor rule coefficients; and the role of the risk aversion shock in output, inflation, interest rate, and real money balances in the Eurozone. Our analysis suggests that risk aversion… CONTINUE READING
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