Analysis of actual economic cycles and productivity for the Ecuadorian economy (Original)
Keywords:
: real business cycles; dynamic stochastic general equilibrium; total factor productivityAbstract
This work uses a stochastic dynamic general equilibrium model to present and explain the effects on the Ecuadorian economy of a disturbance in the form of a stochastic shock that affects the total productivity of the factors, which allows approaching of the observed volatilities of the real economic cycle of the product and investment. A decomposition of the economic growth for different periods of the economy is made. Filters of decomposition of the macroeconomic aggregates for the period 1965-2016 are made with the corresponding descriptive statistics are obtained that are used to characterize the real business cycles. The model for small closed economy is developed, calibrated and simulated for Ecuador according to the stylized facts found following the analysis of business cycles in order to obtain the regularities of the economy.
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