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Cited by 1,353

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Business cycles in emerging economies: the role of interest rates

Open access
Neumeyer, Pablo A., Perri, Fabrizio·2005·Journal of Monetary Economics
DOI 10.1016/j.jmoneco.2004.04.011
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Abstract

We find that in a sample of emerging economies business cycles are more volatile than in developed ones, real interest rates are countercyclical and lead the cycle, consumption is more volatile than output and net exports are strongly countercyclical. We present a model of a small open economy, where the real interest rate is decomposed in an international rate and a country risk component. Country risk is affected by fundamental shocks but, through the presence of working capital, also amplifies the effects of those shocks. The model generates business cycles consistent with Argentine data. Eliminating country risk lowers Argentine output volatility by 27% while stabilizing international rates lowers it by less than 3%.

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Metadata

Authors
Neumeyer, P. A., & Perri, F.
Venue
Journal of Monetary Economics
Publisher
Elsevier BV
Published
2005-03
Volume
52
Issue
2
Pages
345-380
ISSN
0304-3932 (ISSN-L)
DOI
10.1016/j.jmoneco.2004.04.011
OpenAlex
W3125708217
Cited by
1,353
References
0
FWCI
94.88
Type
journal article
Language
en
Open access
gold

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CoChat. (2026). Citation check: Business cycles in emerging economies: the role of interest rates. https://app.cochat.ai/papers/10.1016/j.jmoneco.2004.04.011
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Neumeyer, P. A., & Perri, F. (2005). Business cycles in emerging economies: the role of interest rates. Journal of Monetary Economics. https://doi.org/10.1016/j.jmoneco.2004.04.011

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.