| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3198 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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