| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8850 |
| 来源ID | Working Paper 8850 |
| Markups, Gaps, and the Welfare Costs of Business Fluctuations | |
| Jordi Gali; Mark Gertler; J. David Lopez-Salido | |
| 发表日期 | 2002-03-21 |
| 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 U.S. 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 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w8850 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566457 |
| 推荐引用方式 GB/T 7714 | Jordi Gali,Mark Gertler,J. David Lopez-Salido. Markups, Gaps, and the Welfare Costs of Business Fluctuations. 2002. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8850.pdf（493KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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