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Stylized Facts of International Business Cycle Relevant for the Chilean Economy

Carlos García, Patricio Jaramillo () and Jorge Selaive ()

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: This paper presents stylized facts of international business cycle relevant for the Chilean economy. First, we analyze key empirical regularities in the business cycles of industrialized economies (US, Europe, and Japan). Second, we describe the interaction between these countries and their relationship with other variables such as commodities prices, capital flows and sovereign spreads. The results are the following: (i) US activity leads by two quarters the activity in Europe, Japan, and Latin America; (ii) we also find a high level of synchronization in both the inflationary processes and the monetary policies; (iii) GDP of industrialized countries leads movements in the copper and oil prices, while the Chinese economy presents a high contemporaneous correlation with the price of copper; (iv) US real exchange rate leads the price of commodities, and finally; (v) increases in capital flows to emerging markets and reductions in sovereign spreads lead economic growth in industrialized economies.

Date: 2006-12
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Journal Article: Stylized Facts of the International Business Cycle Relevant for the Chilean Economy (2007) Downloads
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