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Business Cycle Accounting for Argentina Utilizing Capital Utilization

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Author Info

  • Tiago Cavalcanti

    (University of Cambridge)

  • Pedro Elosegui

    (Central Bank of Argentina)

  • George McCandless

    ()
    (Central Bank of Argentina)

  • Emilio Blanco

    ()
    (Central Bank of Argentina)

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.

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File URL: http://www.bcra.gov.ar/pdfs/investigaciones/WP%202008%2030_i.pdf
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Bibliographic Info

Paper provided by Central Bank of Argentina, Economic Research Department in its series BCRA Working Paper Series with number 200830.

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Length: 22 pages
Date of creation: Jan 2008
Date of revision:
Handle: RePEc:bcr:wpaper:200830

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Keywords: Argentina; capital utilization; business cycle; distortion measures; growth accounting;

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References

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  1. Pablo A. Neumeyer & Fabrizio Perri, 2001. "Business Cycles in Emerging Economies:The Role of Interest Rates," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 01-12, New York University, Leonard N. Stern School of Business, Department of Economics.
  2. Werner Baer & Pedro Elosegui & Andres Gallo, 2002. "The Achievements and Failures of Argentina's Neo-liberal Economic Policies," Oxford Development Studies, Taylor & Francis Journals, Taylor & Francis Journals, vol. 30(1), pages 63-85.
  3. V.V. Chari & Patrick J. Kehoe & Ellen McGrattan, 2004. "Business Cycle Accounting," NBER Working Papers 10351, National Bureau of Economic Research, Inc.
  4. Edward C. Prescott, 2002. "Prosperity and Depression," American Economic Review, American Economic Association, American Economic Association, vol. 92(2), pages 1-15, May.
  5. Harold L. Cole & Lee E. Ohanian, 2002. "The U.S. and U.K. Great Depressions Through the Lens of Neoclassical Growth Theory," American Economic Review, American Economic Association, American Economic Association, vol. 92(2), pages 28-32, May.
  6. Tiago Cavalcanti, 2007. "Business cycle and level accounting: the case of Portugal," Portuguese Economic Journal, Springer, Springer, vol. 6(1), pages 47-64, April.
  7. Edgardo E. Zablotsky, 1992. "A Public Choice Approach to Military Coups d'Etat," CEMA Working Papers: Serie Documentos de Trabajo., Universidad del CEMA 85, Universidad del CEMA.
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