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

Author

Listed:
  • Helena Rodríguez

    (Banco Central del Uruguay)

  • Ina Tiscordio

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.

Suggested Citation

  • Helena Rodríguez & Ina Tiscordio, 2011. "Aplicación de un Modelo de Real Business Cycle para la economía uruguaya," Documentos de trabajo 2011009, Banco Central del Uruguay.
    • Handle: RePEc:bku:doctra:2011009
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    File URL: https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Documentos%20de%20Trabajo/9.2011.pdf
    File Function: First version, 2011
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    More about this item

    Keywords

    Real Business Cycles; Uruguay;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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