2026-06-29T01:17:03Zhttps://docta.ucm.es/rest/oai/request

oai:docta.ucm.es:20.500.14352/566052025-02-17T12:53:49Zcom_20.500.14352_14col_20.500.14352_17

00925njm 22002777a 4500 dc Portier, Franck author Puch González, Luis Antonio author 2004 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. https://hdl.handle.net/20.500.14352/56605 https://www.ucm.es/icae The welfare cost of business cycles in an economy with nonclearing markets