Título: A business cycle study of the Venezuelan economy (Comienzo)
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Título: A business cycle study of the Venezuelan economy
Autor: Crespo B., Raúl
Fecha de publicación: 2002
Descriptor temático: Descriptor.gif ECONOMÍA-VENEZUELA, Descriptor.gif MODELO ECONÓMICO-VENEZUELA
Idioma: Descriptor.gif INGLÉS
Cota: 330.0987 C921
Resumen: The study of economic fluctuations has been one of the most active areas in economic research. An important number of empirical studies of economic fluctuations in industrialized nations have been conducted by researchers during the last three decades. Nevertheless, little is known about these fluctuations in less developed countries. This dissertation addresses the subject of studying economic fluctuations in a developing country such as Venezuela. Our findings suggest that whilst economic fluctuations in Venezuela present some distinctive features, it shares a larger number of characteristics of the business cycle with the industrialized world. Based on this, we apply to this economy an important number of techniques and models, which have been extensively applied to industrialized countries in order to determine the nature of such fluctuations. Our results seem to suggest that business cycles in this economy are mainly driven by real rather than nominal shocks. Accordingly, we have started to estimate models for this economy based on the long run relationships suggested by the basic Neoclassical growth model, which has become the fundamental building block of the modem approach to studying economic, fluctuations (the Real Business Cycle approach).
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