Welfare after discretionary_policy

Thank you for your quick reply. At this stage, I am largely indifferent between the two welfare concepts and could work with what is feasible. So if I understand you correctly, I should do something similar to Welfare cost of business cycles?

In terms of theoretical moments: If I am not mistaken they are going to be zero for all log-linearized variables in any case, providing me no information. So should I instead use the periods = large number simulation to approximate the theoretical moments?