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It’s a small small welfare cost of fluctuations

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Portier, Franck and 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 13, 2005, ]

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


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Abstract

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.


Item Type:Working Paper or Technical Report
Uncontrolled Keywords:Cost of Business Cycles, Dynamic General Equilibrium
Subjects:Social sciences > Economics > Econometrics
JEL:E32, C63, C68
Series Name:Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE)
Volume:2005
Number:13
ID Code:7908
Deposited On:20 May 2008
Last Modified:04 Dec 2017 12:21

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