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Real Interest Rates and Brazilian Business Cycles Author info | Abstract | Publisher info | Download info | Related research | Statistics Fabio Kanczuk (University of Sao Paolo)
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We construct a dynamic general equilibrium model to assess the quantitative relationship between real interest rates and output fluctuations in the Brazilian economy from 1980 to 2001. When firms are subject to working capital restrictions, the model is consistent with both the cyclical volatilities of national income components and the countercyclical character of real interest rates. Simulations indicate that output fluctuations are quite sensitive to the persistence of interest rate oscillations. Non-structural econometric estimations of the dynamic IS curve are, therefore, susceptible to the Lucas' critique, and may misguide the Central Bank's policymaking. (Copyright: Elsevier)
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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics .
Volume (Year): 7 (2004)
Issue (Month): 2 (April)
Pages: 436-455
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Handle: RePEc:red:issued:v:7:y:2004:i:2:p:436-455Contact details of provider: Postal: Review of Economic Dynamics Academic Press Editorial Office 525 "B" Street, Suite 1900 San Diego, CA 92101 Fax: 1-860-486-4463 Email: Web page: http://www.EconomicDynamics.org/review.htm More information through EDIRC
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Keywords: Business cycles working capital emerging markets Other versions of this item:
Find related papers by JEL classification: E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Oviedo, P. Marcelo, 2005.
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