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| Author: | Morling, S. |
| Title: | Output Adjustment in Developing Countries: A Structural Var Approach |
| Journal: | Developing Economies
2002 : MAR, VOL. 40:1, p. 49-66 |
| Index terms: | DEVELOPMENT DEVELOPING COUNTRIES DEVELOPED ECONOMIES OUTPUT STRUCTURAL ANALYSIS |
| Language: | eng |
| Abstract: | Fluctuations around potential output reflect an accumulation of aggregate demand shocks and temporary aggregate supply shocks. Demand shocks are generally considered to dominate these processes, at least in developed countries. In developing countries, however, short-term fluctuations in output around potential are also likely to be influenced by the effects of temporary economy wide supply shocks such as oil price shocks, terms of trade shocks, and other disruptions such as droughts, floods, cyclones, and social and political upheavals. In conclusion the author states that the results suggest that the decomposition of output into permanent and transitory shocks is not sufficient to properly identify demand and supply shocks for many developing countries. |
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