Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/336415 
Year of Publication: 
2025
Citation: 
[Journal:] Latin American Journal of Central Banking (LAJCB) [ISSN:] 2666-1438 [Volume:] 6 [Issue:] 1 [Article No.:] 100162 [Year:] 2025 [Pages:] 1-19
Publisher: 
Elsevier, Amsterdam
Abstract: 
During the 2008 Great Recession, the adoption of counter-cyclical economic policies made the Brazilian economy more resilient. However, a noteworthy shift occurred in 2014, marked by a deterioration in Brazil's macroeconomic landscape, primarily driven by a worsening debt situation. Consequently, this downturn led to a decline in private investment, an upswing in unemployment rates, and negative growth rates over multiple quarters. To comprehend these macroeconomic fluctuations, this paper employs the Business Cycle Accounting (BCA) analytical framework, focusing on quarterly data spanning from 2002 to 2019. Among the key findings, the study reveals that the efficiency wedge played a pivotal role in replicating observed output movements during both recessions, with the labor wedge following closely. Investment and government consumption wedges were not significant business cycle drivers in the period.
Subjects: 
Brazilian recessions
Business cycle accounting
JEL: 
E32
E65
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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