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Macroeconomic Fluctuations in Developing Countries: Some Stylized Facts
Author:
Mr. C. John McDermott null

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Mr. Eswar S Prasad
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Pierre-Richard Agénor null

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Series:
IMF Working Papers
Volume/Issue:
Volume 1999: Issue 035
Language:
English
Publication Date:
01 Mar 1999
DOI:
https://doi.org/10.5089/9781451845334.001
ISBN:
9781451845334
ISSN:
1018-5941
Pages:
45
Keywords:
WP; HP filter; terms of trade; positive correlation; correlation coefficient; price level; time series; Business Cycles; Fluctuations; Developing Countries; output fluctuation; price-output correlation; equilibrium business cycle model; output volatility; industrial sector output; business cycle fluctuation; Industrial sector; Inflation; Real wages; Real effective exchange rates; Sub-Saharan Africa
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper documents the main stylized features of macroeconomic fluctuations for 12 developing countries. Cross-correlations between domestic industrial output and a large group of macroeconomic variables (including fiscal variables, wages, inflation, money, credit, trade, and exchange rates) are presented. Also analyzed are the effects of industrial country economic conditions on output fluctuations in these countries. The robustness of the results is examined using different detrending procedures. The results indicate many similarities between macroeconomic fluctuations in developing and industrial countries (procyclical real wages; countercyclical variation in government expenditure) and some important differences (countercyclical variation in the velocity of monetary aggregates).
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund