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Business Cycle Accounting for Argentina Utilizing Capital Utilization

Author

Listed:
  • Tiago Cavalcanti

    (University of Cambridge)

  • Pedro Elosegui

    (Central Bank of Argentina)

  • George McCandless

    (Central Bank of Argentina)

  • Emilio Blanco

    (Central Bank of Argentina)

Abstract

We use a variation on the business cycle accounting method of Chari, Kehoe and McGrattan to study the business cycle in Argentina from 1972 to 2006. We use capital utilization as a household decision variable to be able to better extract the wedge that functions as a tax on capital. Applying the model to Argentina, we find that all four wedges are important in explaining the evolution of output over this period (although net exports is the least important). The major political subperiods can be charaterized by the relative importance of each wedge. We compare the results of this technique to the standard narrative.

Suggested Citation

  • Tiago Cavalcanti & Pedro Elosegui & George McCandless & Emilio Blanco, 2008. "Business Cycle Accounting for Argentina Utilizing Capital Utilization," BCRA Working Paper Series 200830, Central Bank of Argentina, Economic Research Department.
    • Handle: RePEc:bcr:wpaper:200830
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    Keywords

    Argentina; capital utilization; business cycle; distortion measures; growth accounting;
    All these keywords.

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • N16 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Latin America; Caribbean

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