Medium Term Business Cycles in Developing Countries

We build a two country asymmetric DSGE model with two features: (i) endogenous and slow diffusion of technologies from the developed to the developing country, and (ii) adjustment costs to investment flows. We calibrate the model to match the Mexico-U.S. trade and FDI flows. The model is able to explain the following stylized facts: (i) U.S. and Mexican output co-move more than consumption; (ii) U.S. shocks have a larger effect on Mexico than in the U.S.; (iii) U.S. business cycles lead over medium term fluctuations in Mexico; (iv) Mexican consumption is more volatile than output

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Year of publication:	2010
Authors:	Comin, Diego ; Loayza, Norman ; Pasha, Farooq ; Servén, Luis
Publisher:	[S.l.] : SSRN
Subject:	Entwicklungsländer \| Developing countries \| DSGE-Modell \| DSGE model \| Zwei-Länder-Modell \| Two-country model \| Konjunkturzusammenhang \| Business cycle synchronization \| Konjunkturforschung \| Business cycle analysis \| Konjunktur \| Business cycle

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