经济
消费(社会学)
福利
生产(经济)
计量经济学
经济衰退
品味
骨料(复合)
膨胀(宇宙学)
公制(单位)
微观经济学
宏观经济学
社会科学
市场经济
物理
社会学
理论物理学
复合材料
食品科学
化学
材料科学
运营管理
作者
David Baqaee,Ariel Burstein
摘要
Abstract We present a unified treatment of how welfare responds to changes in budget sets or technologies with taste shocks and nonhomothetic preferences. We propose a welfare metric that ranks production possibility frontiers that differs from one that ranks budget sets and characterize it using a general equilibrium generalization of Hicksian demand. This extends Hulten’s theorem, the basis for constructing aggregate quantity indices, to environments with nonhomothetic and unstable preferences. We illustrate our results using both long- and short-run applications. In the long run, we show that if structural transformation is caused by income effects or changes in tastes, rather than substitution effects, then Baumol’s cost disease is twice as important for our preferred measure of welfare. In the short run, we show that standard chain-weighted deflators understate welfare-relevant inflation for current tastes. Finally, using the COVID-19 recession, we illustrate that chain-weighted real consumption and real GDP are unreliable metrics for measuring welfare or production when there are taste shocks.
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