G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3198
DP3198 Sorting and Private Education in Italy
Giuseppe Bertola; Daniele Checchi
发表日期2002-02-20
出版年2002
语种英语
摘要In this Paper we present a simple, theory-based measure of the variations in aggregate economic efficiency associated with business fluctuations. We decompose this indicator, which we refer to as ?the gap?, into two constituent parts: a price markup and a wage markup, and show that the latter accounts for the bulk of the fluctuations in our gap measure. Finally, we derive a measure of the welfare costs of business cycles that is directly related to our gap variable, and which takes into account explicitly the existence of a varying aggregate inefficiency. When applied to postwar US data, for plausible parametrizations, our measure suggests welfare losses of fluctuations that are of a higher order of magnitude than those derived by Lucas (1987). It also suggests that the major postwar recessions involved substantial efficiency costs.
主题International Macroeconomics
关键词Business cycles Countercyclical markups Welfare costs
URLhttps://cepr.org/publications/dp3198
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532226
推荐引用方式
GB/T 7714
Giuseppe Bertola,Daniele Checchi. DP3198 Sorting and Private Education in Italy. 2002.
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