Döpke, Jörg; Maschke, Philip - 2014 - This version: February 2014
We discuss properties of alternatives or complements to GDP as a measure of welfare at business cycle frequencies. We … argue that these figures are not useful to measure the welfare costs of business cycles. First, data is not available at an … composite indices will lead by construction to very low welfare costs of business cycles. Third, cross-section and quasi …