BUSINESS CYCLE ACCOUNTING FOR CHILE

Ina Simonovska · Ludvig Söderling

20 citations0/0 files storedMacroeconomic Dynamics

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Monetary Policy and Economic Impact Global Financial Crisis and Policies Economic Growth and Productivity

Abstract

We investigate sources of economic fluctuations in Chile during 1998-2007 within the framework of a standard neoclassical growth model with time-varying frictions (wedges). We analyze the relative importance of efficiency, labor, investment, and government/trade wedges for business cycles in Chile. The purpose of this exercise is twofold: (i) focus the policy discussion on the most important wedges in the economy; and (ii) identify which broad class of models would present fruitful avenues for further research. We find that different wedges have played different roles during our studied period, but that the efficiency and labor wedges have had the greatest impact. We also compare our results with existing studies on Argentina, Brazil, and Mexico.

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References

2002Closing Small Open Economy Models 1986Investment, Capacity Utilization and the Real Business Cycle 2002Getting Income Shares Right 2007Business Cycle Accounting 2002A Decade Lost and Found: Mexico and Chile in the 1980s 2005Sudden Stops and Output Drops 2006Business cycle accounting for the Japanese economy 2007The 1980s recession in the UK: A business cycle accounting perspective

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