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Medium Term Business Cycles in Developing Countries

Author: Diego A Comin; Norman Loayza; Farooq Pasha; Luis Serven
Publisher: Cambridge, Mass. National Bureau of Economic Research 2009.
Series: Working paper series (National Bureau of Economic Research), no. w15428.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We build a two country asymmetric DSGE model with two features: (i) endogenous and slow diffusion of technologies from the developed to the developing country, and (ii) adjustment costs to investment flows. We calibrate the model to match the Mexico-U.S. trade and FDI flows. The model is able to explain the following stylized facts: (i) U.S. and Mexican output co-move more than consumption; (ii) U.S. shocks have a  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Diego A Comin; Norman Loayza; Farooq Pasha; Luis Serven
OCLC Number: 1027370381
Notes: October 2009.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w15428.
Responsibility: Diego A. Comin, Norman Loayza, Farooq Pasha, Luis Serven.

Abstract:

We build a two country asymmetric DSGE model with two features: (i) endogenous and slow diffusion of technologies from the developed to the developing country, and (ii) adjustment costs to investment flows. We calibrate the model to match the Mexico-U.S. trade and FDI flows. The model is able to explain the following stylized facts: (i) U.S. and Mexican output co-move more than consumption; (ii) U.S. shocks have a larger e¤ect on Mexico than in the U.S.; (iii) U.S. business cycles lead over medium term fluctuations in Mexico; (iv) Mexican consumption is more volatile than output.

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