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,而且在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: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。 In this paper, we use the form of recursive utility function to describe consumer preference structure using separable relative risk aversion coefficient and intertemporal substitution elasticity, and subjective discount rate. The consumption flow generation process is assumed to be the basis of AR (1) On the basis of actual annual per capita consumption data, we have estimated the welfare costs of China’s economic growth and the elimination of economic fluctuations. The research in this paper shows that when the relative risk aversion coefficient and intertemporal substitution elasticity parameter take the desired value, the welfare cost in China’s economic cycle is relatively close to the welfare benefit of economic growth.