Markups and the Welfare Cost of Business Cycles: A Reappraisal
Gali, Gertler, and Lopez-Salido (2007) recently show quantitatively that fluctuations in the efficiency of resource allocation do not generate sizable welfare costs. In their economy, which is distorted by monopolistic competition in the steady state, we show that they underestimate the welfare cost...
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Volume: | 44 |
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Main Author: |
JEAN-OLIVIER HAIRAULT
FRANÇOIS LANGOT |
Format: | Journal Article |
Language: | English |
Place of publication: |
Malden, USA Wiley Subscription Services 01.08.2012 Blackwell Publishing Inc WILEY Wiley |
published in: | Journal of money, credit and banking Vol. 44; no. 5; pp. 995 - 1014 |
Data of publication: | 20120801 |
ISSN: |
0022-2879 1538-4616 |
EISSN: |
1538-4616 |
Discipline: | Economics Business |
Bibliography: |
Jean‐Olivier Hairault flangot@univ‐lemans.fr We thank two anonymous referees for their particularly helpful remarks and suggestions. We are also indebted to Paul Beaudry, Jean‐Pascal Bénassy, Florin Bilbiie, and Franck Portier for helpful comments. Any errors and omissions are ours. François Langot is a Professor at Le Mans University (E‐mail ) is a Professor at Paris School of Economics (E‐mail joh@univ‐paris1.fr . |
Subjects: | |
Online Access: |
Fulltext |
Database: | Social Sciences Citation Index Web of Science - Social Sciences Citation Index - 2012 Web of Knowledge Web of Science Hyper Article en Ligne (HAL) (Open Access) Hyper Article en Ligne (HAL) HAL-SHS: Archive ouverte en Sciences de l'Homme et de la Société HAL-SHS: Archive ouverte en Sciences de l'Homme et de la Société (Open Access) Database information Databases - DBIS |