NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Disasters Risk and Business Cycles

François Gourio

NBER Working Paper No. 15399
Issued in October 2009

---- Acknowledgements -----

I thank participants in presentations at Boston University, Chicago BSB, Duke Fuqua, FRB Dallas, Penn State, Pompeu Fabra, SED 2009, Toulouse (TSE), and Wharton for comments, and I thank Andrew Abel, Fernando Alvarez, Emmanuel Farhi, Xavier Gabaix, Joao Gomes, Urban Jermann, Lars Hansen, Yang Lu, Alex Monge, Erwan Quintin, Adrien Verdelhan, Jessica Wachter, and Amir Yaron for helpful discussions. This paper was first circulated in February 2009 under the title "Time-varying risk premia, time-varying risk of disaster, and macroeconomic dynamics." Some analytical results in this paper were independently obtained by Gabaix (2009). 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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