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Empirical Regularities of Chilean Business Cycles

  • Agnès Belaisch
  • Claudio Soto

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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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. Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
  2. 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.
  3. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, October.
  4. Hercowitz, Z., 1992. "Macroeconomic Implication of Investment-Specific Technological Change," Papers 13-92, Tel Aviv - the Sackler Institute of Economic Studies.
  5. Canova, Fabio, 1998. "Detrending and business cycle facts: A user's guide," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 533-540, May.
  6. repec:imf:imfwpa:94/91 is not listed on IDEAS
  7. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
  8. Canova, Fabio, 1998. "Detrending and business cycle facts," Journal of Monetary Economics, Elsevier, vol. 41(3), pages 475-512, May.
  9. 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.
  10. David K. Backus & Patrick J. Kehoe, 1991. "International evidence on the historical properties of business cycles," Staff Report 145, Federal Reserve Bank of Minneapolis.
  11. Klaus Schmidt-Hebbel, 1998. "Chile's Takeoff: Facts, Challenges, Lessons," Working Papers Central Bank of Chile 34, Central Bank of Chile.
  12. Erik Haindl R. & Rodrigo Fuentes, 1986. "Estimación del stock de capital en Chile: 1960-1984," Estudios de Economia, University of Chile, Department of Economics, vol. 13(1 Year 19), pages 39-72, April.
  13. 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.
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