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

The Role of Durable Goods and Financial Frictions

Business Cycles in Emerging Markets : The Role of Durable Goods and Financial Frictions
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 volatile as income for both developed and emerging market economies. The simulation of the model implies that shocks to trend play a less... READ MORE...

Publication date: June 2011
ISBN 9781455259380
$18.00

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