Journal: | Latin american journal of economics |
Database: | CLASE |
System number: | 000448513 |
ISSN: | 0719-0425 |
Authors: | Santos, Miguel1 |
Institutions: | 1Harvard University, Center for International Development, Cambridge, Massachusetts. Estados Unidos de América |
Year: | 2016 |
Season: | Dic |
Volumen: | 53 |
Number: | 1 |
Pages: | 61-94 |
Country: | Chile |
Language: | Español |
Document type: | Artículo |
Approach: | Analítico, descriptivo |
English abstract | Venezuela has an oil-dependent economy subject to large exogenous shocks and a rigid labor market. These features go straight to the heart of two weaknesses of real business cycle (RBC) theory widely reported in the literature: neither shocks are volatile enough nor real salaries sufficiently flexible as required by the RBC framework to replicate the behavior of the economy. We calibrate a basic RBC model and compare a set of relevant statistics from RBC-simulated time series with actual data for Venezuela and the benchmark case of the United States (1950-2008). Despite Venezuela being a heavily regulated economy, RBC-simulated series provide a good fit, in particular with regard to labor markets |
Disciplines: | Economía |
Keyword: | Economía de energéticos, Venezuela, Economía nacional, Petróleo, Dependencia petrolera, Variables macroeconómicas, Mercado laboral, Choques externos, Ciclos económicos, Ciclos de negocios |
Full text: | Texto completo (Ver PDF) |