首页 | 本学科首页   官方微博 | 高级检索  
     


Durable goods,financial frictions,and business cycles in emerging economies
Authors:Fernando Á  lvarez-Parra,Luis Brandao-Marques,Manuel Toledo
Affiliation:1. Corporación Andina de Fomento, Venezuela;2. Universidad Central de Venezuela, Venezuela;3. International Monetary Fund, United States;4. Instituto Tecnológico Autónomo de México, Mexico
Abstract:
Business cycles in emerging economies display very volatile consumption and strongly countercyclical trade balance. We show that aggregate consumption in these economies is not more volatile than output once durables are accounted for. Then, we present and estimate a real business cycles model for a small open economy that accounts for this empirical observation. Our results show that the role of permanent shocks to aggregate productivity in explaining cyclical fluctuations in emerging economies is considerably lower than previously documented. Moreover, we find that financial frictions are crucial to explain some key business cycle properties of these economies.
Keywords:
本文献已被 ScienceDirect 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号