Biblioteca de la Universidad Complutense de Madrid

It’s a small small welfare cost of fluctuations

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Portier, Franck y Puch González, Luis A. (2005) It’s a small small welfare cost of fluctuations. [ Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE); nº 0513, 2005, ]

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URL Oficial: http://eprints.ucm.es/7908/




Resumen

Lucas [1987] has shown that in a representative agent framework, the potential welfare gain from stabilizing consumption around its mean is small. We provide an example and some insight for why Lucas’ measure is an upper bound of the welfare cost of fluctuations in walrasian economies.


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

JEL code: E32, C63, C68

Palabras clave:Cost of Business Cycles, Dynamic General Equilibrium
Materias:Ciencias Sociales > Economía > Econometría
Título de serie o colección:Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE)
Volumen:2005
Número:0513
Código ID:7908
Referencias:

Cooley, T., and G. Hansen (1992): “Tax distortions in a Neoclassical Monetary Economy,” Journal of Economic Theory, 58, 2090–316.

Den Haan, W., and A. Marcet (1990): “Solving the Stochastic Growth Model by Parametrizing Epectations,” Journal of Business and Economic Statistics, 8, 31–34.

Krussell, P., and A. Smith (1999): “On the welfare effects of eliminating business cycles,” Review of Economic Dynamics, 2(1), 245–272.

Lucas, R. (1987): Models of Business Cycles. Basil Blackwell, Oxford.

Marcet, A., and G. Lorenzoni (1998): “Parameterized Expectations Approach: Some Practical Issues,” in Computational Methods for the Study of Dynamic Economies, ed. by R. Marimon, and A. Scott. Oxford University Press, Oxford.

McCallum, B. (1989): “Real Business Cycles Models,” in Modern Business Cycle Theories, ed. by R. Barro. Harvard University Press, Boston.

Depositado:20 May 2008
Última Modificación:06 Feb 2014 07:56

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