Ghate, Chetan; Gopalakrishnan, Pawan; Tarafdar, Suchismita - Volkswirtschaftliche Fakultät, … - 2014
Emerging market economy business cycles are typically characterized by high consumption and output volatility, strongly … economy business cycle experience suggests however that real interest rates can also be pro-cyclical. We reconcile the pro …-cyclicality of real interest rates with the above facts by embedding fiscal policy into a standard emerging market business cycle …