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It’s a small small welfare cost of fluctuations Portier, Franck Puch González, Luis Antonio E32 C63 C68 Cost of Business Cycles Dynamic General Equilibrium Econometría (Economía) 5302 Econometría 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. Fac. de Ciencias Económicas y Empresariales Instituto Complutense de Análisis Económico (ICAE) FALSE pub 2023-06-20T16:39:33Z 2023-06-20T16:39:33Z 2005 technical report https://hdl.handle.net/20.500.14352/56634 XXXX-XXXX eng Documentos de Trabajo del Instituto Complutense de Análisis Económico (ICAE) open access application/pdf Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid