Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies

Citation data:

Banco de la Republica de Colombia, Borradores de Economia, No: 915

Publication Year:
2015
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Repository URL:
http://repositorio.banrep.gov.co/handle/20.500.12134/6226
SSRN Id:
2754912
RePec URLs:
https://ideas.repec.org/p/bdr/borrec/915.html; https://ideas.repec.org/p/idb/brikps/92496.html; https://ideas.repec.org/p/imf/imfwpa/15-280.html; https://ideas.repec.org/p/idb/brikps/7382.html; https://ideas.repec.org/p/col/000094/014054.html; https://ideas.repec.org/p/imf/imfwpa/15/280.html
Author(s):
Fernández, Andrés; González-Gómez, Andrés; Rodríguez-Guzmán, Diego Arturo
Publisher(s):
Banco de la República
Tags:
E32 - Business Fluctuations; Cycles; F41 - Open Economy Macroeconomics; F44 - International Business Cycles; Emerging economies; Business cycles; Commodity prices; Common factors; Bayesian estimation; Dynamic stochastic equilibrium models; Ciclos económicos -- Países emergentes -- 1992-2014; Economías emergentes --1992-2014; Precios de productos básicos -- Países emergentes -- 1992-2014; F41 - Macroeconomía de la economía abierta; F44 - Ciclos económicos internacionales; E32 - Fluctuaciones económicas; Ciclos; Business cycles;Commodity prices;Emerging economies, common factors, Bayesian estimation, dynamic stochastic equilibrium models, commodity, prices, price, commodity price, Open Economy Macroeconomics, International Business Cycles, All Countries, dynamic stochastic equilibrium models.,; Emerging economies, business cycles, commodity prices, common factors, Bayesian estimation, dynamic stochastic equilibrium models.; common factors; dynamic stochastic equilibrium models; commodity; prices; price; commodity price; Open Economy Macroeconomics; International Business Cycles; All Countries; dynamic stochastic equilibrium models.
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paper description
Fluctuations in commodity prices are an important driver of business cycles in small emerging market economies (EMEs). We document how these fluctuations correlate strongly with the business cycle in EMEs. We then embed a commodity sector into a multi-co