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Empirical Regularities of Chilean Business Cycles

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  • Agnès Belaisch
  • Claudio Soto

Abstract

This paper documents the empirical regularities characterizing business cycles in Chile in a wide range of economic activities. While the country presents many of the typical features of business fluctuations in OECD countries, Chilean cycles present some striking peculiarities. Trade represents an important part of economic activity as exports move contemporaneously with output and the terms of trade lead the cycle long in advance. Besides, public policies play a significant role in short-run economic fluctuations: government expenditures and monetary policy variables lead the cycle 2 to 3 quarters in advance. Kydland and Prescott's (1990) ``monetary myth'' is alive in Chile.

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Bibliographic Info

Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 41.

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Date of creation: Dec 1998
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Handle: RePEc:chb:bcchwp:41

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  1. Erik Haindl R. & Rodrigo Fuentes, 1986. "Estimación del stock de capital en Chile: 1960-1984," Estudios de Economia, University of Chile, Department of Economics, University of Chile, Department of Economics, vol. 13(1 Year 19), pages 39-72, April.
  2. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
  3. Hercowitz, Z., 1992. "Macroeconomic Implication of Investment-Specific Technological Change," Papers, Tel Aviv - the Sackler Institute of Economic Studies 13-92, Tel Aviv - the Sackler Institute of Economic Studies.
  4. David K. Backus & Patrick J. Kehoe & Finn E. Kydland, 1992. "Dynamics of the trade balance and the terms of trade: the S-curve," Working Paper 9211, Federal Reserve Bank of Cleveland.
  5. Baxter, Marianne, 1991. "Business cycles, stylized facts, and the exchange rate regime: evidence from the United States," Journal of International Money and Finance, Elsevier, vol. 10(1), pages 71-88, March.
  6. Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
  7. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, January.
  8. David K. Backus & Patrick J. Kehoe, 1992. "International Evidence on the Historical Properties of Business Cycles," Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics 92-5, New York University, Leonard N. Stern School of Business, Department of Economics.
  9. Canova, Fabio, 1998. "Detrending and business cycle facts," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 475-512, May.
  10. Chadha, Bankim & Prasad, Eswar, 1994. "Are prices countercyclical? Evidence from the G-7," Journal of Monetary Economics, Elsevier, vol. 34(2), pages 239-257, October.
  11. Klaus Schmidt-Hebbel, 1998. "Chile's Takeoff: Facts, Challenges, Lessons," Working Papers Central Bank of Chile, Central Bank of Chile 34, Central Bank of Chile.
  12. Canova, Fabio, 1998. "Detrending and business cycle facts: A user's guide," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 533-540, May.
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Cited by:
  1. Pacheco Jiménez, J.F., 2001. "Business cycles in small open economies: the case of Costa Rica," ISS Working Papers - General Series, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague 19075, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  2. Jorge Enrique Restrepo & Claudio Soto, 2004. "Regularidades Empíricas de la Economía Chilena," Working Papers Central Bank of Chile, Central Bank of Chile 301, Central Bank of Chile.
  3. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2010. "Recessions and Financial Disruptions in Emerging Marketes: A Bird's Eye View," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 13(2), pages 55-84, August.
  4. Francisco Rosende & Matías Tapia, 2012. "Monetary Policy in Chile: Institutions, Objectives, and Instruments," Documentos de Trabajo, Instituto de Economia. Pontificia Universidad Católica de Chile. 414, Instituto de Economia. Pontificia Universidad Católica de Chile..
  5. Se Kyu Choi-Ha & Luis Felipe Lagos, 2003. "El Dinero como Indicador Líder," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 40(120), pages 259-283.
  6. Antonio Spilimbergo, 2002. "Copper and the Chilean Economy, 1960-98," Journal of Economic Policy Reform, Taylor & Francis Journals, Taylor & Francis Journals, vol. 5(2), pages 115-126.

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