In this paper we measure the welfare cost of fluctuations in a simple representative agent economy with nonclearing markets. The market friction we consider involves price rigidities and a voluntary exchange rationing scheme. These features are incorporated into an otherwise standard...

under which such a monetary policy intervention is socially desirable.

[eng] This article surveys recent work on the economic analysis of historical episodes using dynamic stochastic general equilibrium (DSGE) models. We put the methods and challenges of such an approach in perspective. To do so, we present the fundamentals of the methodology and an overview of the...

[fre] Le partage de la valeur ajoutée dans le cycle. Quelques pistes de modélisation en équilibre général . Christophe Hurlin et Franck Portier . Notre objectif dans cet article est de présenter un rapide constat empirique de l'évolution cyclique du partage de la valeur ajoutée dans les...

This article studies the 2008 onwards recession using 50 years of observations in the 34 OECD member countries. We use this dataset to describe the characteristics (depth, duration, etc) of a median recession as well as the distribution of those characteristics over the entire sample of...