This paper provides an empirical description of the business cycle regularities of the Uruguayan economy between 1975 and 1994. The method of estimation of the cyclical components is based on the application of the Hodrick-Prescott filter over the unobservable trend-cycle components estimated...

This paper constructs an open-economy factor-augmented VAR model to assess the dynamic effects of global shocks on emerging economies and quantify their importance in explaining macroeconomic fluctuations in emerging markets. An unexpected favorable shock to global demand and supply has a strong...