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Asset Prices and Aggregate Demand in a "Covid-19" Shock: A Model of Endogenous Risk Intolerance and LSAPs

Ricardo J. Caballero, Alp Simsek

NBER Working Paper No. 27044
Issued in April 2020, Revised in August 2020

---- Acknowledgments ----

We are grateful to Daron Acemoglu, Chris Ackerman, Katrin Assenmacher, Dan Cao, Gabriel Chodorow-Reich, Eduardo Davila, Sebastian Di Tella, Emmanuel Farhi, Luca Fornaro, Sebnem Kalemi-Ozcan, Yueran Ma, Plamen Nenov, Carolin Pflueger, Ludwig Straub, Faith Witryol, and seminar participants at the BIS, the Central Bank of Chile, the ECB, the Fed, the IMF, the Bank of Italy, VMACS, the BI Norwegian Business School, the Office of Financial Research (U.S. Treasury) and the Armenian Economic Association meetings for their comments. Caballero and Simsek acknowledge support from the National Science Foundation (NSF) under Grant Numbers SES-1848857 and SES-1455319, respectively. First draft: April 11, 2020. Previous title: A Model of Asset Price Spirals and Aggregate Demand Amplification of a "Covid-19" Shock. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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