Emerging market business cycles: recent advances created by C. Bora Durdu

By:

Durdu, Ceyhun Bora [author]

Material type: Text

TextSeries: International economic journal ; Volume 27, number 2Abingdon: Taylor and Francis, 2013Content type:

text

Media type:

unmediated

Carrier type:

volume

ISSN:

10168737

Subject(s):

Emerging markets -- Business cycles -- Interest rate shocks, Frictional markets, Emerging economies

LOC classification:

HB1A1 INT

Online resources:

Click here to access online

Abstract: Higher variability of consumption relative to output and strong countercyclicality of the trade balance are important regularities of emerging market business cycles. This paper surveys the recent advances in the literature with a goal to understanding the main drivers of these regularities. The literature suggests that trend shocks or countercyclical interest rate shocks are useful modeling tools, but these shocks need to be amplified through inherent frictions to capture these two regularities with realistic calibrations. Informational frictions in expectation formation and search-matching frictions in the labor market appear to provide powerful amplification to trend shocks and countercyclical interest rate shocks, respectively.

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Holdings
Item type	Current library	Call number	Vol info	Copy number	Status	Notes	Date due	Barcode
Journal Article	Main Library - Special Collections	HB1A1 INT (Browse shelf(Opens below))	Vol. 27, no. 2 (pages 183-200)	SP18072	Not for loan	For In house Use

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Higher variability of consumption relative to output and strong countercyclicality of the trade balance are important regularities of emerging market business cycles. This paper surveys the recent advances in the literature with a goal to understanding the main drivers of these regularities. The literature suggests that trend shocks or countercyclical interest rate shocks are useful modeling tools, but these shocks need to be amplified through inherent frictions to capture these two regularities with realistic calibrations. Informational frictions in expectation formation and search-matching frictions in the labor market appear to provide powerful amplification to trend shocks and countercyclical interest rate shocks, respectively.

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