04479oam 22011534 450 991078833860332120230721045615.01-4623-3055-X1-4518-7214-397866128428871-4519-9130-41-282-84288-9(CKB)3170000000055228(SSID)ssj0000940032(PQKBManifestationID)11491948(PQKBTitleCode)TC0000940032(PQKBWorkID)10948361(PQKB)11287724(OCoLC)550641092(MiAaPQ)EBC1605894(IMF)WPIEE2009067(EXLCZ)99317000000005522820020129d2009 uf 0engurcn|||||||||txtccrAccounting for Output Drops in Latin America /Ruy LamaWashington, D.C. :International Monetary Fund,2009.49 p. illIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1649-3 Includes bibliographical references.This paper evaluates what type of models can account for the recent episodes of output drops in Latin America. I develop an open economy version of the business cycle accounting methodology (Chari, Kehoe, and McGrattan, 2007) in which output fluctuations are decomposed into four sources: total factor productivity (TFP), a labor wedge, a capital wedge, and a bond wedge. The paper shows that the most promising models are the ones that induce fluctuations of TFP and the labor wedge. On the other hand, models of fnancial frictions that translate into a bond or capital wedge are not successful in explaining output drops in Latin America. The paper also discusses the implications of these results for policy analysis using alternative DSGE models.IMF Working Papers; Working Paper ;No. 2009/067Business cyclesLatin AmericaBusiness forecastingLatin AmericaInvestments: BondsimfMacroeconomicsimfEconomic TheoryimfProduction and Operations ManagementimfLabor Economics: GeneralimfProductionimfCostimfCapital and Total Factor ProductivityimfCapacityimfPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)imfGeneral Financial Markets: General (includes Measurement and Data)imfFinancial EconomicsimfLabourimfincome economicsimfEconomic growthimfInvestment & securitiesimfEconomic theory & philosophyimfLaborimfTotal factor productivityimfBusiness cyclesimfBondsimfFinancial frictionsimfLabor economicsimfIndustrial productivityimfEconomic forecastingimfArgentinaimfBusiness cyclesBusiness forecastingInvestments: BondsMacroeconomicsEconomic TheoryProduction and Operations ManagementLabor Economics: GeneralProductionCostCapital and Total Factor ProductivityCapacityPrices, Business Fluctuations, and Cycles: General (includes Measurement and Data)General Financial Markets: General (includes Measurement and Data)Financial EconomicsLabourincome economicsEconomic growthInvestment & securitiesEconomic theory & philosophyLaborTotal factor productivityBusiness cyclesBondsFinancial frictionsLabor economicsIndustrial productivityEconomic forecastingLama Ruy1472724International Monetary Fund.DcWaIMFBOOK9910788338603321Accounting for Output Drops in Latin America3685591UNINA