macroeconomic policies and welfare analysis. It is also found that the other models display similar posterior odds, with the Bayes … correlation between consumption and income. This finding suggests that the magnitude of welfare effects computations is likely to …

and analyze the differences for business cycle dynamics and welfare. Design/methodology/approach–The paper builds a … volatility over the cycle and have stronger negative welfare effects. Severance payments have a lower volatility, reduce … unemployment, and reduce welfare by a smaller amount. Practical implications–Policy reforms should be aimed to use severance …

and analyze the differences for business cycle dynamics and welfare. Design/methodology/approach – The paper builds a … volatility over the cycle and have stronger negative welfare effects. Severance payments have a lower volatility, reduce … unemployment, and reduce welfare by a smaller amount. Practical implications – Policy reforms should be aimed to use severance …

(JSA), on the output cost and welfare cost of recessions. The paper develops a tractable incomplete-market model with … contrast, the effect of JSA and UI on the welfare cost of recessions is in general ambiguous. The paper also provides a … substantial reduction in the output cost of recessions and a more moderate reduction in the welfare cost of recessions in Germany …

(JSA), on the output cost and welfare cost of recessions. The paper develops a tractable incomplete-market model with … contrast, the effect of JSA and UI on the welfare cost of recessions is in general ambiguous. The paper also provides a … substantial reduction in the output cost of recessions and a moderate reduction in the welfare cost of recessions in Germany …