| Título: | The welfare cost of business cycles in an economy with nonclearing markets |
| Autores: | Portier, Franck ; Puch González, Luis Antonio |
| Tipo de documento: | texto impreso |
| Editorial: | Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid, 2004 |
| Dimensiones: | application/pdf |
| Nota general: | info:eu-repo/semantics/openAccess |
| Idiomas: | |
| Palabras clave: | Estado = Publicado , Materia = Ciencias Sociales: Economía: Econometría , Tipo = Documento de trabajo o Informe técnico |
| Resumen: |
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. |
| En línea: | https://eprints.ucm.es/id/eprint/7717/1/0403.pdf |
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