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Structural Economic Model for Ecuador: a Dollar-ized and Oil-ized Economy

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  • Pedro Elosegui y Nicolás Grosman

    (LiD-Maimonides University-UNLP - LiD-McKinsey)

Abstract

The paper develops a Structural Model with the main macroeconomic features of the Ecuadorian economy. It models the main transmission channels of a small open and dollarized economy, highly dependent on oil production and foreign remittances. It is estimated by Bayesian methodsfor the period 2001-2010. The framework highlights the main risks affecting the macroeconomic performance, including the importance of international shocks. It also underscores the importance of the fiscal policies and the independent and significant role of the oil value added in the domestic economy.

Suggested Citation

  • Pedro Elosegui y Nicolás Grosman, 2016. "Structural Economic Model for Ecuador: a Dollar-ized and Oil-ized Economy," Económica, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 62, pages 23-53, January-D.
  • Handle: RePEc:lap:journl:601
    as

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    File URL: http://economica.econo.unlp.edu.ar/documentos/20161229033728PM_Elosegui_vf.pdf
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    References listed on IDEAS

    as
    1. Betty Agnani & Amaia Iza, 2005. "Growth in an oil abundant economy: The case of Venezuela," DEGIT Conference Papers c010_053, DEGIT, Dynamics, Economic Growth, and International Trade.
    2. Cho, Seonghoon & Moreno, Antonio, 2006. "A Small-Sample Study of the New-Keynesian Macro Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(6), pages 1461-1481, September.
    3. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-1311, July.
    4. Klein, Paul, 2000. "Using the generalized Schur form to solve a multivariate linear rational expectations model," Journal of Economic Dynamics and Control, Elsevier, vol. 24(10), pages 1405-1423, September.
    5. Betty Agnani & Amaia Iza, 2011. "Growth in an oil abundant economy: The case of Venezuela," Journal of Applied Economics, Universidad del CEMA, vol. 14, pages 61-79, May.
    6. Philippe D Karam & A. R. Pagan, 2008. "A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation," IMF Working Papers 08/64, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    New Keynesian model; Bayesian methods; Oil Value Added; Fiscal Policy.;

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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