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dc.rights.licensehttp://rightsstatements.org/page/InC/1.0/?language=eses_AR
dc.contributor.authorGonzález-Rozada, Martín
dc.contributor.authorFanelli, José
dc.date.accessioned2017-04-07T19:07:20Z
dc.date.available2017-04-07T19:07:20Z
dc.date.issued2003
dc.identifier.urihttp://repositorio.utdt.edu/handle/utdt/6256
dc.description.abstractThe paper analyzes cyclical comovements in the Mercosur area differentiating idiosyncratic from common shocks. In the Mercosur (or any region for that matter) shocks can be country-specific, affecting only one country or a specific set of countries (for example, a weather-related shock, a domestic policy shock); or they can be common to the entire region (for example, a change in the conditions in international capital markets or a world recession). Propagation mechanisms, in turn, are important because a shock that was initially country-specific, originating in one country, might eventually spillover to others. We build on the unobserved component approach to decompose the Mercosur countries’ real GDP (seasonally adjusted) fluctuations into these three components and compare them with previous results. The main findings in the paper are: first, common factors originating in impulses stemming from changes in investor’s sentiment are relevant to explaining regional output comovements and the spillover effects between neighbors are significant. Second, volatility matters, and matters especially in the case of recent regional agreements. Supply shocks in Mercosur countries tend to be larger than in the US and European countries. Third, finance matters for both volatility and output/price dynamics. Accelerator effects may be important in explaining some features of the output/price dynamics that the standard models based on vector autoregression techniques are unable to account for.
dc.description.sponsorshipPara cualquier uso del contenido del presente documento debe ponerse en contacto con el autor.es_AR
dc.format.extent53 p.
dc.format.mediumapplication/pdfes_AR
dc.publisherUniversidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF)
dc.relation.ispartofCentro de Investigaciones Financieras (CIF). Documentos de trabajo 16/2003
dc.rightsinfo:eu-repo/semantics/restrictedAccesses_AR
dc.titleBusiness cycle and macroeconomic policy coordination in MERCOSUR
dc.typeinfo:eu-repo/semantics/workingPaper
UTDT.rights.PDF
UTDT.rights.AUTNo
UTDT.source.idn49777
dc.audienceResearchers
dc.audienceStudents
dc.audienceTeachers
dc.type.versioninfo:eu-repo/semantics/acceptedVersiones_AR
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UTDT.source.originothers
dc.subject.UTDTCiclos económicos
dc.subject.UTDTMercosur


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