Replication data for: Real Business Cycles in Emerging Countries?

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Project Citation:

García-Cicco, Javier, Pancrazi, Roberto, and Uribe, Martín. Replication data for: Real Business Cycles in Emerging Countries? Nashville, TN: American Economic Association [publisher], 2010. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112393V1

Project Description

Summary: 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)

Scope of Project

JEL Classification:
      E13 General Aggregative Models: Neoclassical
      E32 Business Fluctuations; Cycles
      E44 Financial Markets and the Macroeconomy
      F43 Economic Growth of Open Economies
      O11 Macroeconomic Analyses of Economic Development
      O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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V1 [2019-10-11]

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