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Real business cycles in emerging countries?
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García-Cicco, Javier, Pancrazi, Roberto and Uribe, Martín (2010) Real business cycles in emerging countries? American Economic Review, Vol.100 (No.5). pp. 2510-2531. doi:10.1257/aer.100.5.2510 ISSN 0002-8282.
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Official URL: http://dx.doi.org/10.1257/aer.100.5.2510
Abstract
We 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)
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | American Economic Review | ||||
Publisher: | American Economic Association | ||||
ISSN: | 0002-8282 | ||||
Official Date: | December 2010 | ||||
Dates: |
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Volume: | Vol.100 | ||||
Number: | No.5 | ||||
Page Range: | pp. 2510-2531 | ||||
DOI: | 10.1257/aer.100.5.2510 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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