REEL DEĞİŞKENLER, ZAMANLARARASI İKAME VE RİSKTEN KAÇINMA

Zamanlararası ikame ve riskten kaçınma iktisadi birimlerin zaman ve risk ile ilgili kararlarını belirleyen ve iktisadın birçok alanında önemli olan davranışlardır. Zamanlararası Beklenen Fayda Fonksiyonu dinamik stokastik genel denge modellerine zamanlararası ikame esnekliği ve riskten kaçınma katsayıları arasında biri diğerinin tersi olacak şekilde kısıtlayıcı bir ilişki empoze etmektedir. Larry Epstein ve Stanley Zin’in 1989 ve 1991 yıllarındaki çalışmalarında iki katsayı arasındaki bu bağı kırarak, katsayıların birbirlerinden bağımsız belirlenmelerine olanak tanıyan döngüsel bir fayda fonksiyonu geliştirmişlerdir. Bu çalışmada Epstein-Zin döngüsel fayda fonksiyonunun kullanımının dinamik stokastik genel denge modellerinin reel değişkenlere ilişkin öngörülerinde ne gibi farklar yaratacağı araştırılmıştır. Çalışmadan elde edilen bulgular Epstein-Zin fayda fonksiyonunun dinamik stokastik genel denge modellerinin reel makroekonomik değişkenlerle ilgili öngörülerinde önemli farklar ortaya çıkardığını göstermektedir

Anahtar Kelimeler:

Zamanlararası ikame, riskten kaçınma, Epstein-Zin döngüsel fayda fonksiyonu

Reel Değişkenler, Zamanlararası İkame ve Riskten Kaçınma

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