Impacts of microeconomic shocks on the aggregate economy: an analysis for Brazil

• Ano de defesa: 2019
• Autor(a) principal: Salton, Ângelo
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: eng
• Instituição de defesa: Universidade Federal de Viçosa
• Palavras-chave em Português: Desenvolvimento econômico - Brasil; Incerteza (Economia); Crescimento e Desenvolvimento Econômico
• Link de acesso: https://locus.ufv.br//handle/123456789/28509

This work aims to evaluate the impact of microeconomic uncertainty shocks in the Brazilian economy through a dynamic stochastic general equilibrium model (DSGE) with financial frictions. The microeconomic shocks emerge from the time-varying out- put dispersion of entrepreneur agents and their interaction with the financial sector. Calibrating the model using Brazilian macroeconomic quarterly data from 2003 to 2018, we find that agency costs in the entrepreneurial and financial sector impact economic cycles, capital accumulation and household’s welfare. Keywords: Uncertainty. Volatility. Growth. Development.