Biblioteca de la Universidad Complutense de Madrid

The welfare cost of business cycles in an economy with nonclearing markets

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Portier, Franck y Puch González, Luis Antonio (2004) The welfare cost of business cycles in an economy with nonclearing markets. [ Documentos de trabajo del Instituto Complutense de Análisis Económico (ICAE); nº 0403, 2004, ]

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URL Oficial: http://eprints.ucm.es/7717/




Resumen

In this paper we measure the welfare cost of fluctuations in a simple representative
agent economy with nonclearing markets. The market friction we consider involves
price rigidities and a voluntary exchange rationing scheme. These features are incorporated
into an otherwise standard neoclassical growth model. We show that the
frictions we introduce make the losses from fluctuations much bigger than in a frictionless
environment.


Tipo de documento:Documento de trabajo o Informe técnico
Información Adicional:

JEL classification: E32, C63, C68

Palabras clave:Cost of business cycles, Nonclearing markets, Dynamic general equilibrium
Materias:Ciencias Sociales > Economía > Econometría
Título de serie o colección:Documentos de trabajo del Instituto Complutense de Análisis Económico (ICAE)
Volumen:2004
Número:0403
Código ID:7717
Referencias:

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Depositado:11 Mar 2008
Última Modificación:06 Feb 2014 07:55

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