Table 1.

Welfare losses, in percents.

	Peak (p = argmax{ζt}t=0t=∞)					Lifetime (∞)
	ζp	ζpe	ζpu	ζpf	ζp′	ζ∞	ζ ∞ e	ζ ∞ u	ζ ∞ f	ζ ∞ ′
Passive gvt policies
↑ st - baseline	6.59	0.64	0.00	49.73	5.58	0.79	0.07	0.00	7.07	0.66
↑ st - perf. insurance	6.40	0.55	0.55	56.16	6.40	0.72	0.07	0.07	7.64	0.72
↓ ξt	2.61	0.33	0.00	25.78	2.61	0.05	0.01	0.00	0.50	0.05
Half ↑ st+ half ↓ ξt	3.85	0.54	0.00	31.29	3.36	0.40	0.04	0.00	3.57	0.33
↑ st + ↓ κt	5.03	0.67	0.00	38.50	4.25	0.60	0.06	0.00	5.27	0.49
Raise gt
↑ st - baseline	5.13	−1.24	−1.46	51.08	4.16	0.70	−0.03	−0.08	7.11	0.57
Raise btr
↑ st - baseline	5.90	0.42	−5.36	51.63	5.30	0.76	0.06	−0.25	7.26	0.65

Note: the horizon of the peak, p, is case-specific.