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

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

Volume/Issue: 2001/5

Series: IMF Working Papers

Author(s): Aude Pommeret , and Anne Epaulard

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2001

DOI: http://dx.doi.org/10.5089/9781451842180.001

ISBN: 9781451842180

Keywords: Welfare Cost of Fluctuations, Recursive Utility, Endogenous Growth, Risk, elasticity of substitution, growth rate, business cycles, growth model, Macroeconomic Policy, Macroeconomic Aspects of Public Finance

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 f...

PP4463-Proposal-for-a-Post-Catastrophe-Debt-Relief-Trust-Fund

PP4463-Proposal-for-a-Post-Catastrophe-Debt-Relief-Trust-Fund »

Volume/Issue: 2010/053

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 June 2010

DOI: http://dx.doi.org/10.5089/9781498337373.007

ISBN: 9781498337373

Keywords: Bilateral aid, Debt relief, Emergency assistance, Emergency financing mechanism, External shocks, Fund facilities, Low income countries, Poverty Reduction and Growth Trust, Accounting, Balance of payments

The global crisis has underscored the need for effective global financial safety nets to protect countries with sound policy frameworks from adverse outcomes. Complementing the traditional crisis resolution role of...