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Terms of Trade, Business Cycles and Tobin's q in Developing Open Economies

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  • Victor Pacharoni

Abstract

This paper examines the relationship of business cycles, the terms of trade and Tobin's q using a three-sector dynamic stochastic general equilibrium model for a small open economy. Results show that terms of trade shocks account for half of actual volatility of GDP and stock market indices for developing countries. The model fails to replicate the actual volatility of stock market indices for developed economies

Suggested Citation

  • Victor Pacharoni, 2004. "Terms of Trade, Business Cycles and Tobin's q in Developing Open Economies," Econometric Society 2004 Latin American Meetings 293, Econometric Society.
  • Handle: RePEc:ecm:latm04:293
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    Keywords

    business cycles; the terms of trade and Tobin's q;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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