Business Cycle Accounting for Argentina Utilizing Capital Utilization

Tiago Cavalcanti, Pedro Elosegui, George McCandless () and Emilio Blanco
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George McCandless: Central Bank of Argentina

No 200830, BCRA Working Paper Series from Central Bank of Argentina, Economic Research Department

Abstract: We use a variation on the business cycle accounting method of Chari, Kehoe and McGrattan to study the business cycle in Argentina from 1972 to 2006. We use capital utilization as a household decision variable to be able to better extract the wedge that functions as a tax on capital. Applying the model to Argentina, we find that all four wedges are important in explaining the evolution of output over this period (although net exports is the least important). The major political subperiods can be charaterized by the relative importance of each wedge. We compare the results of this technique to the standard narrative.

Keywords: Argentina; capital utilization; business cycle; distortion measures; growth accounting (search for similar items in EconPapers)
JEL-codes: E22 E32 N16 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2008-01
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Journal Article: Business Cycle Accounting for Argentina Utilizing Capital Utilization (2008)
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