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Emerging market fluctuations: the role of interest rates and productivity shocks

dc.contributor.authorAguiar, Mark
dc.contributor.authorGopinath, Gita, 1971-
dc.date.accessioned2019-11-01T00:04:06Z
dc.date.available2019-11-01T00:04:06Z
dc.date.issued2008
dc.identifier.isbn978-956-7421-30-5
dc.identifier.urihttps://hdl.handle.net/20.500.12580/3739
dc.descriptionBusiness cycles in emerging markets are characterized by high levels of volatility in income, investment, and net exports. Consumption is more volatile than income, and net exports are highly countercyclical (see Aguiar and Gopinath, 2007). Furthermore, the interest rates faced by these economies are highly volatile and negatively correlated with income, as described in Neumeyer and Perri (2005). In this paper, we adopt a standard stochastic business cycle model of a small open economy and allow the economy to be driven by productivity shocks that have permanent and transitory components, as well as by shocks to the interest rate process. We then estimate the role of the different processes in explaining the business cycle behavior of emerging markets.
dc.format.pdf
dc.format.extentSección o Parte de un Documento
dc.format.mediump. 345-367
dc.language.isoeng
dc.publisherBanco Central de Chile
dc.relation.ispartofSeries on Central Banking, Analysis, and Economic Policies, no. 12
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/*
dc.subjectTASAS DE INTERÉSes_ES
dc.subjectCICLOS ECONÓMICOSes_ES
dc.titleEmerging market fluctuations: the role of interest rates and productivity shocks
dc.type.docArtículo
dc.file.nameBCCh-sbc-v12-p345_367


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