About: Welfare cost of business cycles

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In macroeconomics, the cost of business cycles is the decrease in social welfare, if any, caused by business cycle fluctuations. Nobel economist Robert Lucas proposed measuring the cost of business cycles as the percentage increase in consumption that would be necessary to make a representative consumer indifferent between a smooth, non-fluctuating, consumption trend and one that is subject to business cycles.

Attributes	Values
rdfs:label	Welfare cost of business cycles (en)
rdfs:comment	In macroeconomics, the cost of business cycles is the decrease in social welfare, if any, caused by business cycle fluctuations. Nobel economist Robert Lucas proposed measuring the cost of business cycles as the percentage increase in consumption that would be necessary to make a representative consumer indifferent between a smooth, non-fluctuating, consumption trend and one that is subject to business cycles. (en)
foaf:depiction
dcterms:subject	Welfare economics Business cycle theories
Wikipage page ID	23150085 (xsd:integer)
Wikipage revision ID	1110925450 (xsd:integer)
Link from a Wikipage to another Wikipage	Keynesian John Quiggin Unemployment United States Variance Standard deviation Macroeconomic Systematic risk Mean Consumption (economics) Consumption smoothing Equity premium puzzle Approximation Log-normal distribution Risk aversion Present discounted value Welfare economics Social welfare function Economic growth Economic surplus Expected value Isoelastic utility Preference Time preference Business cycle theories Economic stability Economist Trend estimation Business cycle Natural log Rajnish Mehra Macroeconomics Social welfare Willingness to pay Discount factor Stabilization policy Robert Lucas, Jr. Representative agent Output gap Welfare cost of inflation Nobel Prize in Economics Edward Prescott Ramsey model Relative risk aversion Potential GDP
Link from a Wikipage to an external page	https://archive.org/details/modelsofbusiness0000luca
sameAs	Welfare cost of business cycles Welfare cost of business cycles
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has abstract	In macroeconomics, the cost of business cycles is the decrease in social welfare, if any, caused by business cycle fluctuations. Nobel economist Robert Lucas proposed measuring the cost of business cycles as the percentage increase in consumption that would be necessary to make a representative consumer indifferent between a smooth, non-fluctuating, consumption trend and one that is subject to business cycles. Under the assumptions that business cycles represent random shocks around a trend growth path, Robert Lucas argued that the cost of business cycles is extremely small, and as a result the focus of both academic economists and policy makers on economic stabilization policy rather than on long term growth has been misplaced. Lucas himself, after calculating this cost back in 1987, reoriented his own macroeconomic research program away from the study of short run fluctuations. However, Lucas' conclusion is controversial. In particular, Keynesian economists typically argue that business cycles should not be understood as fluctuations above and below a trend. Instead, they argue that booms are times when the economy is near its potential output trend, and that recessions are times when the economy is substantially below trend, so that there is a large output gap. Under this viewpoint, the welfare cost of business cycles is larger, because an economy with cycles not only suffers more variable consumption, but also lower consumption on average. (en)
prov:wasDerivedFrom	wikipedia-en:Welfare_cost_of_business_cycles?oldid=1110925450&ns=0
page length (characters) of wiki page	14420 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Welfare_cost_of_business_cycles
is Link from a Wikipage to another Wikipage of	Robert Lucas Jr. Dynamic stochastic general equilibrium John B. Taylor Business cycle Fernando Alvarez (economist) New Keynesian economics Real business-cycle theory Stabilization policy Lucas Welfare Cost of Fluctuations Welfare costs of the business cycle
is Wikipage redirect of	Lucas Welfare Cost of Fluctuations Welfare costs of the business cycle
is foaf:primaryTopic of	wikipedia-en:Welfare_cost_of_business_cycles

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