Spurious welfare reversals in international business cycle models.

Several papers have documented spurious welfare reversals: incomplete-markets economy produces a higher level of welfare than the complete-markets economy. This paper first demonstrates how conventional linearization can generate approximation errors that can result in welfare reversals. Using a two...

Descripción completa

Detalles Bibliográficos

Publicado en:	Journal of International Economics Vol. 60; no. 2; pp. 471 - 501
Autores principales:	Kim, Jinill, Kim, Sunghyun Henry
Formato:	Artículo
Publicado:	Elsevier Science August 2003
Materias:	Stochastic processes Risk Mathematical models of business cycles Welfare economics
Acceso en línea:	Ver este registro en EBSCOhost