On the welfare costs of business cycles: Beyond nondurable goods

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-09-07 DOI:10.1016/j.jmacro.2023.103560

Fernando Barros Jr. , Gabriel T. Couto , Fábio A.R. Gomes

引用次数: 0

Abstract

This paper constitutes the first effort to measure the welfare costs of economic cycles considering that the consumer derives utility from the consumption of nondurable goods and services and the stock of durable goods. To accomplish such a task, we put forward a novel approach based on a nonseparable utility function. As a result, we take into account the complementarities among the consumption categories and the correlations of the shocks in those series. Our findings for the U.S. economy suggest that the single-good approach in the literature tends to underestimate the welfare costs of business cycles.

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商业周期的福利成本:超越非耐用品

考虑到消费者从非耐用品和服务的消费以及耐用品库存中获得效用，本文首次尝试衡量经济周期的福利成本。为了完成这一任务，我们提出了一种基于不可分离效用函数的新方法。因此，我们考虑了消费类别之间的互补性以及这些系列中冲击的相关性。我们对美国经济的研究结果表明，文献中的单一商品方法往往低估了商业周期的福利成本。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.