The Welfare Costs of Macroeconomic Fluctuations under Incomplete Markets: Evidence from State-Level Consumption Data

regressors are clearly pre-determined and most are beyond human influence. Since these regressors are not our focus of interest, we need not discuss them any further. As before,

money growth shocks (rather than suitably parameterized persistent shocks) allows us to hold expected in‡ation constant, thereby making the second and third channels inoperative

The average welfare gain is twice as high in the European case (1.82%) as that found in the American case. Once again, ignoring business cycles leads to a decrease by half of

Later, these problems were studied for more complex market models and in different settings: in [14, 9,24] the authors considered maximization utility problems in

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des

Together with the record of large theropod remains and footprints from Argentina, Brazil and Chile, our observations indicate that large carnivorous dinosaurs, probably, were

 Le caractère complet de la résection avec des marges histologique saines (R0).  L’envahissement péri nerveux et le caractère indifférencié de la

Elle avait donc une chambre séparée, et c’était un luxe qu’elle n’avait pas toujours connu et qu’elle savourait.(Je vous entends vous demander en quoi cette digression peut