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The welfare cost of macroeconomic uncertainty in the post-war period

2007; Elsevier BV; Volume: 98; Issue: 2 Linguagem: Inglês

10.1016/j.econlet.2007.04.026

1873-7374

João Victor Issler, Afonso Arinos de Mello Franco-Neto, Osmani Teixeira de Carvalho Guillén,

Housing Market and Economics

With standard assumptions on preferences and a fully-fledged econometric model we computed the welfare costs of macroeconomic uncertainty for post-war U.S. using the Beveridge–Nelson decomposition. Welfare costs are about 0.9% per-capita consumption ($175.77 a year) and marginal welfare costs are about twice as large.