Uncertainty about welfare effects of consumption fluctuations
AbstractThis paper proposes Bayesian estimates for welfare effects of consumption fluctuations and growth. Annual data from 82 developed and developing countries indicate a large degree of uncertainty as regards point estimates. Moreover, the comparison between the welfare gain from consumption stabilization and the welfare gain from growth yields inconclusive results for many developed and developing countries. These findings suggest the need for caution in drawing policy conclusions from point estimates.
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Bibliographic InfoArticle provided by Elsevier in its journal European Economic Review.
Volume (Year): 59 (2013)
Issue (Month): C ()
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Web page: http://www.elsevier.com/locate/eer
Business cycles; Growth; Welfare; Bayesian inference;
Other versions of this item:
- Romain Houssa, 2011. "Uncertainty about Welfare Effects of Consumption Fluctuations," Working Papers 1101, University of Namur, Department of Economics.
- E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
- O50 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - General
- H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
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