The Reaction of Government Spending to the Business Cycle: Some International Evidence

Guerra-Salas, Juan

doi:10.2139/ssrn.2385713

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Cited by 2 publications

(2 citation statements)

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“…In particular, it reproduces the strong positive comovement of commodity prices, investment and consumption with income, and the negative one observed for the real exchange rate. 35 6 Robustness and Extensions…”

Section: Model's Performancementioning

confidence: 99%

Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies

Fernandez,

Gonzalez,

Rodriguez

2015

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Fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). This paper documents how these fluctuations correlate strongly with the business cycle in EMEs. A commodity sector is then embedded into a multi-country EMEs business cycle model where exogenous fluctuations in commodity prices follow a common dynamic factor structure and coexist with other driving forces. The estimated model assigns to commodity shocks 42 percent of the variance in income, of which a considerable part is linked to the common factor. A further amplification mechanism is a spillover effect from commodity prices to risk premia.

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Section: Model's Performancementioning

confidence: 99%

Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies

Fernandez,

Gonzalez,

Rodriguez

2015

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“…It is common to assume the government receives income from the commodity sector, either because it owns companies that extract commodities or because it levies taxes on (mostly international) private companies. See, for example, Medina and Soto (), Berg et al (), and Guerra‐Salas ().…”

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confidence: 99%

Latin America's Declining Skill Premium: A Macroeconomic Analysis

Guerra-Salas

2017

Economic Inquiry

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The Reaction of Government Spending to the Business Cycle: Some International Evidence

Cited by 2 publications

References 22 publications

Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies

Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies

Latin America's Declining Skill Premium: A Macroeconomic Analysis

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