2003•Unpublished venueRequires access
Aggregate demand and supply shocks and the economic fluctuations in Puerto Rico from 1950 to 2002
Wilfredo Toledo
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Abstract
This paper analyses the relative importance of supply and demand shocks in explaining the dynamics of aggregate output and prices in a small dolarized economy: Puerto Rico. Results indicate that supply shocks are important sources of output variability in the medium and long run while demand shocks seem to be more relevant for output in the short run.