摘要
本文采用递归效用函数形式,使用可分的相对风险规避系数与跨期替代弹性、主观贴现率三个因素刻画了消费者的偏好结构,并且消费流的生成过程被假设为AR(1)基础上,运用年度实际人均消费数据,估计了改革前后中国经济增长与消除经济波动的福利成本。本文的研究表明:改革前的经济增长与波动的福利成本都要大于改革后经济增长与波动的福利成本;当相对风险规避系数和跨期替代弹性参数取合意数值时,中国经济周期的福利成本比较接近于经济增长的福利收益。
Through the recursive preference, which includes the parameters of risk aversion and intertemporal substitutability, and assuming that the process of per capita consume is generated by AR （1）, this paper is on measuring the costs of consumption volatility and the welfare gain of extra consumption growth after the Reform using the real national consumption data. We show that the welfare cost and gain before economic reform is greater than after economic reform, the welfare gain of economic growth is near to the welfare gain from eliminating business cycle, while the parameters of the relative risk aversion and intertemporal substitutability are under a reasonable range of parameterization.
出处
《华东理工大学学报（社会科学版）》
2008年第3期32-38,共7页
Journal of East China University of Science and Technology：Social Science Edition
关键词
情绪波动
经济增长
经济波动
福利成本
mood fluctuations
economic growth
economic cycle
welfare cost
