Common factors in Latin America's business cycles /

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Bibliographic Details
Author / Creator:	Aiolfi, Marco, author.
Imprint:	Washington, D.C. : International Monetary Fund, Research Dept., ©2006.
Description:	1 online resource (62 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/06/49 IMF working paper ; WP/06/49.
Subject:	Business cycles -- Latin America -- Econometric models. Business forescasting -- Latin America. Business cycles -- Econometric models. Latin America.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12498573

Hidden Bibliographic Details
Other authors / contributors:	Catão, Luis, author. Timmermann, Allan, author. International Monetary Fund. Research Department.
ISBN:	1282448021 9781282448025
Digital file characteristics:	data file
Notes:	Includes bibliographical references. Print version record.
Summary:	This paper constructs new business cycle indices for Argentina, Brazil, Chile, and Mexico based on common dynamic factors extracted from a comprehensive set of sectoral output, external data, and fiscal and financial variables spanning over a century. The constructed indices are used to derive a business cycle chronology for these countries and characterize a set of new stylized facts. In particular, we show that all four countries have historically displayed a striking combination of high business cycle and persistence relative to benchmark countries, and that such volatility has been time-varying, with important differences across policy regimes. We also uncover a sizeable common factor across the four economies which has greatly limited scope for regional risk sharing.

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