Real Business Cycles in Emerging Countries?
2010; American Economic Association; Volume: 100; Issue: 5 Linguagem: Inglês
10.1257/aer.100.5.2510
ISSN1944-7981
AutoresJavier García-Cicco, Roberto Pancrazi, Martı́n Uribe,
Tópico(s)Economic Theory and Policy
ResumoWe use more than a century of Argentine and Mexican data to estimate the structural parameters of a small-open-economy real-business-cycle model driven by nonstationary productivity shocks. We find that the RBC model does a poor job of explaining business cycles in emerging countries. We then estimate an augmented model that incorporates shocks to the country premium and financial frictions. We find that the estimated financial-friction model provides a remarkably good account of business cycles in emerging markets and, importantly, assigns a negligible role to nonstationary productivity shocks. (JEL E13, E32, E44, F43, O11, O16)
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