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Portier, Franck ; Puch González, Luis A. | Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid | 2005Lucas [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 cos[...]texto impreso
Portier, Franck ; Puch González, Luis Antonio | Instituto Complutense de Análisis Económico. Universidad Complutense de Madrid | 2004In 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 [...]texto impreso
Portier, Franck ; Puch, Luis A. | Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE) | 1998In this paper we quantify the welfare cost of fluctuations in a representative agent dynamic equilibrium framework. In doing so, we argue that two key features of Intertemporal Stochastic General Equilibrium Models should not be forgotten: non-l[...]
