Faiz oranı şokları, iş piyasasında arama ve yükselen ekonomilerde konjonktürel dalgalanmalar

This study examines the role of interest rate shocks in explaining emerging market business cycle characteristics in a small open economy real business cycle (SOE-RBC) model augmented with working capital requirement on firms' wage payments and searching and matching frictions in the labor market. The model is parameterized to quarterly Mexican data for the period 1987-2007. The results of the model withworking capital requirement indicate that the model can generate some important characteristics of emerging market business cycles such as countercyclical interest rates, countercyclical net exports to GDP ratio and higher volatilities of consumption and wages relative to GDP. Moreover, imposing working capital requirement on wage bill leads to a higher positive correlation between interest rates and unemployment,thus the proposed model can be used to analyze the effects of a financial crisis on real sector.