| Revista: | Latin american journal of economics |
| Base de datos: | CLASE |
| Número de sistema: | 000448513 |
| ISSN: | 0719-0425 |
| Autores: | Santos, Miguel1 |
| Instituciones: | 1Harvard University, Center for International Development, Cambridge, Massachusetts. Estados Unidos de América |
| Año: | 2016 |
| Periodo: | Dic |
| Volumen: | 53 |
| Número: | 1 |
| Paginación: | 61-94 |
| País: | Chile |
| Idioma: | Español |
| Tipo de documento: | Artículo |
| Enfoque: | Analítico, descriptivo |
| Resumen en inglés | 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 |
| Disciplinas: | Economía |
| Palabras clave: | Economía de energéticos, Venezuela, Economía nacional, Petróleo, Dependencia petrolera, Variables macroeconómicas, Mercado laboral, Choques externos, Ciclos económicos, Ciclos de negocios |
| Texto completo: | Texto completo (Ver PDF) |
