THE RIGHT FIT FOR THE WRONG REASONS: REAL BUSINESS CYCLE IN AN OIL-DEPENDENT ECONOMY

THE RIGHT FIT FOR THE WRONG REASONS: REAL BUSINESS CYCLE IN AN OIL-DEPENDENT ECONOMY

Venezuela has an oil-dependent economy subject to large exogenous shocks and a rigid labor market. These features go straight to the heart of two weaknesses of real business cycle (RBC) theory widely reported in the literature: neither shocks are volatile enough nor real salaries sufficiently flexib...

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Autor principal: Santos,Miguel
Lenguaje:English
Publicado: Pontificia Universidad Católica de Chile. Instituto de Economía. 2016
Materias:
Macroeconomics
RBC
oil shocks
labor markets
Venezuela
Acceso en línea:http://www.scielo.cl/scielo.php?script=sci_arttext&pid=S0719-04332016000100004
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