CEPAL Review

Cepal Review is the leading journal for the study of economic and social development issues in Latin America and the Caribbean. Edited by the Economic Commission for Latin America, each issue focuses on economic trends, industrialization, income distribution, technological development and monetary systems, as well as the implementation of economic reform and transfer of technology. Written in English and Spanish (Revista de la Cepal), each tri-annual issue offers approximately 12 studies and essays undertaken by authoritative experts or gathered from conference proceedings.

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The business cycle and coper mining in Chile

This article “endogenizes” the copper supply, incorporating demand for mining-sector inputs represented by other goods in the economy (specifically, intermediate goods) and also energy into a dynamic stochastic general equilibrium (DSGE) model for a sample of the 2003-2013 period. The model estimation reveals that a rise of 1% in the copper price leads to a 0.16% increase in gross domestic product (GDP) over five years. The main contribution of the study is to show that, if the mining sector is treated as integrated into the rest of the economy rather than being assumed to be an enclave, as it usually is, the effects of the copper price on the Chilean economy at least double.

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