RT Report
T1 The welfare cost of business cycles in an economy with nonclearing markets
A1 Portier, Franck
A1 Puch González, Luis Antonio
AB 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.
PB Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid
YR 2004
FD 2004
LK https://hdl.handle.net/20.500.14352/56605
UL https://hdl.handle.net/20.500.14352/56605
LA eng
DS Docta Complutense
RD 15 abr 2025