On the welfare costs of business cycles in the 20th century
Autor(a) principal: | |
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Data de Publicação: | 2003 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/708 |
Resumo: | Lucas (1987) has shown a surprising result in business-cycle research, that the welfare cost of business cycles are relatively small. Using standard assumptions on preferences and a reasonable reduced form for consumption, we computed these welfare costs for the pre- and post-WWII era, using three alternative trend-cycle decomposition methods. The post-WWII period is very era this basic result is dramatically altered. For the Beveridge and Nelson decomposition, and reasonable preference parameter and discount values, we get a compensation of about 5% of consumption, which is by all means a sizable welfare cost (about US$ 1,000.00 a year). |
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Issler, João VictorGuillen, Osmani Teixeira CarvalhoEscolas::EPGEFGV2008-05-13T15:31:09Z2010-09-23T18:58:33Z2008-05-13T15:31:09Z2010-09-23T18:58:33Z2003-020104-8910http://hdl.handle.net/10438/708Lucas (1987) has shown a surprising result in business-cycle research, that the welfare cost of business cycles are relatively small. Using standard assumptions on preferences and a reasonable reduced form for consumption, we computed these welfare costs for the pre- and post-WWII era, using three alternative trend-cycle decomposition methods. The post-WWII period is very era this basic result is dramatically altered. For the Beveridge and Nelson decomposition, and reasonable preference parameter and discount values, we get a compensation of about 5% of consumption, which is by all means a sizable welfare cost (about US$ 1,000.00 a year).engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;481On the welfare costs of business cycles in the 20th centuryinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaEconomiaCiclos econômicos - Séc. XXreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINAL314675.pdf314675.pdfapplication/pdf256602https://repositorio.fgv.br/bitstreams/3ee50c23-ffec-46aa-9f60-b7933540ce58/download18fb3f3a1aa0be008d6a0819556c484dMD51TEXT314675.pdf.txt314675.pdf.txtExtracted texttext/plain99048https://repositorio.fgv.br/bitstreams/979637c6-b343-4e68-a459-47bb04186a31/download21b0fbe9f7728d5a25f4872437cad72bMD56THUMBNAIL314675.pdf.jpg314675.pdf.jpgGenerated Thumbnailimage/jpeg4092https://repositorio.fgv.br/bitstreams/afe98768-3aff-41ad-b41f-644cf1303c70/downloadc849539f8c3e8654561c211801a4f6c9MD5710438/7082023-11-09 22:26:52.174open.accessoai:repositorio.fgv.br:10438/708https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-09T22:26:52Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
On the welfare costs of business cycles in the 20th century |
title |
On the welfare costs of business cycles in the 20th century |
spellingShingle |
On the welfare costs of business cycles in the 20th century Issler, João Victor Economia Economia Ciclos econômicos - Séc. XX |
title_short |
On the welfare costs of business cycles in the 20th century |
title_full |
On the welfare costs of business cycles in the 20th century |
title_fullStr |
On the welfare costs of business cycles in the 20th century |
title_full_unstemmed |
On the welfare costs of business cycles in the 20th century |
title_sort |
On the welfare costs of business cycles in the 20th century |
author |
Issler, João Victor |
author_facet |
Issler, João Victor Guillen, Osmani Teixeira Carvalho |
author_role |
author |
author2 |
Guillen, Osmani Teixeira Carvalho |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Issler, João Victor Guillen, Osmani Teixeira Carvalho |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Economia Ciclos econômicos - Séc. XX |
dc.subject.bibliodata.por.fl_str_mv |
Economia Ciclos econômicos - Séc. XX |
description |
Lucas (1987) has shown a surprising result in business-cycle research, that the welfare cost of business cycles are relatively small. Using standard assumptions on preferences and a reasonable reduced form for consumption, we computed these welfare costs for the pre- and post-WWII era, using three alternative trend-cycle decomposition methods. The post-WWII period is very era this basic result is dramatically altered. For the Beveridge and Nelson decomposition, and reasonable preference parameter and discount values, we get a compensation of about 5% of consumption, which is by all means a sizable welfare cost (about US$ 1,000.00 a year). |
publishDate |
2003 |
dc.date.issued.fl_str_mv |
2003-02 |
dc.date.accessioned.fl_str_mv |
2008-05-13T15:31:09Z 2010-09-23T18:58:33Z |
dc.date.available.fl_str_mv |
2008-05-13T15:31:09Z 2010-09-23T18:58:33Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/708 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/708 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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Ensaios Econômicos;481 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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