Investment-specific shocks and real business cycles in emerging economies: Evidence from Brazil

详细信息	查看全文 | 推荐本文 |

• 作者：Eurilton Araú ; jo ; ^{eurilton@gmail.com}
• 关键词：C11 ; E32 ; F41
• 刊名：Economic Modelling
• 出版年：2012
• 期刊代码：7_02649993
• 类别：eco
• 出版时间：May, 2012
• 卷：29
• 期：3
• 页码：671-678
• 文件大小：362 K

摘要

This paper investigates the role of the RBC (Real Business Cycle) model with investment-specific technology shocks in explaining business cycle fluctuations in Brazil. I consider the role of transitory and permanent components of neutral and investment-specific technology shocks. I fit the model to the data using Bayesian techniques to show that the investment-specific shocks are important sources of fluctuations in the estimated model. In fact, in the context of the model, investment-specific shocks can account for remarkable percentages of fluctuations in consumption growth, GDP growth, investment growth and trade balance to GDP ratio. Furthermore, I present simulation evidence showing that the RBC model cannot account for some important features of the data.