Aplicación de un Modelo de Real Business Cycle para la economía uruguaya

Helena Rodríguez and Ina Tiscordio
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Helena Rodríguez: Banco Central del Uruguay

No 2011009, Documentos de trabajo from Banco Central del Uruguay

Abstract: Over the past twenty years, real business cycles in Uruguayan economy presented similar features to those of a typical emerging economy: high volatility in investment, productivity volatility similar to income volatility, procyclical consumption and investment, and countercyclical trade balance. The objective of this paper is to examine whether it is possible to reproduce these stylized facts through a dynamic stochastic general equilibrium model. The model is used to assess the response of the main macroeconomic variables to exogenous shocks in productivity. We conclude that the basic RBC model is a good tool to replicate some stylized facts in the Uruguayan economy and allows impulse response function analysis.

Keywords: Real Business Cycles; Uruguay; Ciclos reales; Uruguay (search for similar items in EconPapers)
JEL-codes: E32 F41 O54 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2011-10
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