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SUMMARY:Macroeconomics & International Finance Seminar Series Presents: Yuriy Gorodnichenko
DESCRIPTION:Macroeconomics and International Finance Seminar\nDate: Tuesday\, November 18\, 2025\nTime: 1:40-3:00 p.m.\nLocation: E2-499\n\n \n\nSpeaker: Yuriy Gorodnichenko\nTitle: Quantedge Presidential Professor of Economics\nAffiliation: UC Berkeley\nHost: Pascal Michaillat\n \nSeminar title:  How costly are business cycle volatility and inflation? A Vox Populi approach\n \nABSTRACT:  Using surveys of households across thirteen countries\, we study how much individuals would be willing to pay to eliminate business cycles. These direct estimates are much higher than traditional measures following Lucas (2003): on average\, households would be prepared to sacrifice around 5-6% of their lifetime consumption eliminate business cycle fluctuations. A similar result holds for inflation: to bring inflation to their desired rate\, individuals would be willing to sacrifice around 5% of their consumption. Willingness to pay to eliminate business cycles and inflation is generally higher for those whose consumption is more pro-cyclical\, those who are more uncertain about the economic outlook\, and those who live in countries with greater historical volatility. 
URL:https://events.ucsc.edu/event/macroeconomics-international-finance-seminar-series-presents-yuriy-gorodnichenko/
LOCATION:Engineering 2\, Engineering 2 1156 High Street\, Santa Cruz\, CA\, 95064
CATEGORIES:Seminars
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