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Transition−adjusted welfare gains

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Transition−adjusted welfare gains

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0 50 100 1.16 1.18 time Capital baseline TR 0 50 100 0.044 0.046 0.048 0.05 0.052 time Interest rate baseline TR 0 50 100 0.31 0.32 0.33 0.34 0.35 time Aggregate hours baseline TR 0 50 100 0.26 0.27 time Consumption baseline TR 0 50 100 0.46 0.47 0.48 0.49 0.5 time GDP baseline TR 0 50 100 1 1.02 1.04 1.06 time Wage baseline TR E B E 1 ) 3 D ! G B 4@

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0 5 10 15 −1 0 1 2 C variation (%) assets Productivity 1 0 5 10 15 −1 0 1 2 C variation (%) assets Productivity 2 0 5 10 15 −0.5 0 0.5 1 C variation (%) assets −0.5₀ ₅ ₁₀ ₁₅ 0 0.5 1 C variation (%) assets 0 5 10 15 −1 0 1 2 C variation (%) assets −1₀ ₅ ₁₀ ₁₅ 0 1 2 C variation (%) assets 0 5 10 15 −1 0 1 2 C variation (%) assets baseline Tr baseline ss baseline Tr baseline ss baseline Tr baseline ss baseline Tr baseline ss baseline Tr baseline ss baseline Tr baseline ss baseline Tr baseline ss Productivity 3 Productivity 4 Productivity 5 Productivity 6 Productivity 7 E = 1 5 8 4 ?:

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