Portier, FranckPuch González, Luis Antonio2023-06-202023-06-202004https://hdl.handle.net/20.500.14352/56605In 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.engtechnical reporthttps://www.ucm.es/icaeopen accessE32C63C68Cost of business cyclesNonclearing marketsDynamic general equilibrium.Econometría (Economía)5302 Econometría