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Pushing The Sisyphean Boulder? Macroeconometric Testing In Latin American Countries

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  • Hugo Mena

Abstract

What are the implications of the historically observed economic policy instability in Latin American countries (LACs) for macroeconometric testing? Two pressing restrictions on the econometrician using time‐series of LACs arise: time‐varying parameters and time‐varying specifications. Such an instability also has profound impacts on time‐series measurements of national accounts at constant prices. This, together with the “second best methodology” used in LACs for computing real GNP, implies that LACs figures on GNP growth reflect growth in gross production rather than in value added. LACs time‐series for private consumption are unreliable. Crucial data set constraints in LACs further complicate the task for the econometrician.

Suggested Citation

  • Hugo Mena, 1995. "Pushing The Sisyphean Boulder? Macroeconometric Testing In Latin American Countries," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 41(1), pages 81-99, March.
    • Handle: RePEc:bla:revinw:v:41:y:1995:i:1:p:81-99
    DOI: 10.1111/j.1475-4991.1995.tb00095.x
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    Cited by:

    1. Aldo A. Arnaudo & Alejandro D. Jacobo, 1997. "Macroeconomic homogeneity within Mercosur: An overview," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 12(1), pages 37-51.
    2. Ariel A. Barraud & Author-Name: Ariel A. Barraud, 2011. "Exploring trade flows between MERCOSUR and the EU: what does an export demand function tell us?," Economic Analysis Working Papers (2002-2010). Atlantic Review of Economics (2011-2016), Colexio de Economistas de A Coruña, Spain and Fundación Una Galicia Moderna, vol. 2, pages 1-1, December.
    3. Alejandro D. Jacobo, 2002. "Taking the business cycle´s pulse to some Latin American economies: Is there a rhythmical beat?," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 17(2), pages 219-245.

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