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Business Cycles in Emerging Markets

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Source: Business Cycles in Emerging Markets : The Role of Durable Goods and Financial Frictions

Volume/Issue: 2011/133

Series: IMF Working Papers

Author(s): International Monetary Fund


Publication Date: 01 June 2011

ISBN: 9781455259380

Keywords: real business cycles, durables, financial frictions, business cycles, total consumption, interest rates, business cycle, elasticity of substitution, Open Economy Macroeconomics, Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation,

This paper examines how durable goods and financial frictions shape the business cycle of a small open economy subject to shocks to trend and transitory shocks. In the data, nondurable consumption is not as volatil...