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The 2008 recession in Portugal and Italy: business cycle accounting approach
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| 2.13 MB | Adobe PDF |
Orientador(es)
Resumo(s)
This working paper aims to study the 2008 Great Recession in Portugal and Italy using the
Business Cycle Accounting methodology introduced by Chari et al. (2007). For Portugal, the
output fall was mainly explained by the efficiency wedge and, surprisingly, by the government
wedge. In Italy, the efficiency wedge has the most important role. We concluded that the labor
wedge and the investment wedge were not relevant contributors in both countries. The reasons
for the importance of the efficiency and government wedges during the financial crisis were
also explored.
Descrição
Palavras-chave
Business cycle accounting Financial crisis Macroeconomic fluctuations Great recession