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A. Appendix –Figures 11.0 10.5 10.0 9.5 9.0 8.5 8.0 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 Figure 1: Consumption of nondurables and services and GNP per capita (logs) 32
10.5 10.0 9.5 .08 .04 .00 9.0 8.5 8.0 .04 .08 .12 10 20 30 40 50 60 70 80 90 00 10 Figure 2: Consumption per-capita (log) and Beveridge-Nelson Trends and Cycles, 1901-2012, 1901-1941, and 1947-2012 33
Page 1 and 2: Ensaios Econômicos Escola de Pós-
Page 3 and 4: On the Welfare Costs of Business-Cy
Page 5 and 6: for macroeconomic policy to try to
Page 7 and 8: 2. The Problem In this section we d
Page 9 and 10: around zero, i.e., around observed
Page 11 and 12: one dimension vanishes, e.g., as 1
Page 13 and 14: i.e., we can think of P as the wel
Page 15 and 16: Finally, we give some intuition beh
Page 17 and 18: 3. Identi…cation and Estimation o
Page 19 and 20: [1; 0] 12 Apart from an irrelevant
Page 21 and 22: data for consumption of perishables
Page 23 and 24: Table 4.1: Estimated Parameters in
Page 25 and 26: Table 4.3: Welfare Cost of Economic
Page 27 and 28: All in all, the contrast between ou
Page 29 and 30: of economic-growth variation. This
Page 31 and 32: Hall, R.E., 1978, “Stochastic Imp
Page 33: Stock, J. and Watson, M., 1988, “

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