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Code files for "Revisiting the Welfare Effects of Eliminating Business Cycles"


  • Per Krusell

    (Princeton University)

  • Toshihiko Mukoyama

    (University of Virginia)

  • Aysegul Sahin

    (Federal Reserve Bank of New York)

  • Anthony A. Smith, Jr.

    (Yale University)

Programming Language


Fortran codes to replicate results in the article. The programs are divided into two folders. One contains the two-employment-state case, and the other contains the three-employment-state case. Each contains a subfolder for the benchmark economy with fluctuations and a subfolder for one transition experiment: starting from (k=11.2 & z=b) for the two-state case and (k=11.3 & z=b) for the three-state case. The input files for the experiments are also contained. We include only one transition experiment to reduce the file size---the codes for all the other experiments are almost identical.

Suggested Citation

  • Per Krusell & Toshihiko Mukoyama & Aysegul Sahin & Anthony A. Smith, Jr., 2008. "Code files for "Revisiting the Welfare Effects of Eliminating Business Cycles"," Computer Codes 08-211, Review of Economic Dynamics.
  • Handle: RePEc:red:ccodes:08-211
    Note: We would like to acknowledge that some routines are taken from the Numerical Recipes for Fortran 77 and some routines are given to us from Sun-Bin Kim (and possibly modified by us). All errors are ours.

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    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles


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