NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

On the Welfare Costs of Consumption Uncertainty

Robert J. Barro

NBER Working Paper No. 12763
Issued in December 2006

---- Acknowledgements -----

This research is supported by the National Science Foundation. I am grateful to Jong-Wha Lee for motivating me to think about this topic. I appreciate comments from Fernando Alvarez, John Campbell, John Cochrane, Xavier Gabaix, Lars Hansen, Greg Mankiw, Ian Martin, Casey Mulligan, and Ivan Werning. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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