Argentina's lost decade and subsequent recovery: hits and misses of the neoclassical growth model

Finn Kydland and Carlos Zarazaga

No 403, Center for Latin America Working Papers from Federal Reserve Bank of Dallas

Abstract: We examine the economic depression that Argentina suffered in the 1980s, as well as the subsequent recovery, from the perspective of growth theory, taking total factor productivity as exogenous. The predictions of the neoclassical growth model conform rather well with the evidence for the \"lost decade\" depression and at the same time point to a puzzle: Investment did not recover in the subsequent decade of the 1990s nearly as fast as it should have according to that same model.

Keywords: Depressions (search for similar items in EconPapers)
Date: 2003
New Economics Papers: this item is included in nep-dge and nep-mac
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Citations: View citations in EconPapers (5)

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