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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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