Alternative Methods of Estimating Potential Output and the Output Gap: An Application to Sweden
This paper reviews a number of different methods that can be used to estimate potential output and the output gap. Measures of potential output and the output gap are useful to help identify the scope for sustainable noninflationary growth and to allow an assessment of the stance of macroeconomic policies. The paper then compares results from some of these methods to the case of Sweden, showing the range of estimates.
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Volume/Issue:
Volume 2000
Issue 059
Publication date: March 2000
ISBN: 9781451847932
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Topics covered in this book
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Business and Economics , Inflation , Labor , WP , production function , economic theory , Sweden , Business Cycles , Output Gap , Potential Output , Detrending , Vector Autoregression , Unobserved Components Models , production function approach , HP filter , demand shock , constructed output gap , output gap estimate , price level , Unemployment , Inflation , Unemployment rate
Summary
This paper reviews a number of different methods that can be used to estimate potential output and the output gap. Measures of potential output and the output gap are useful to help identify the scope for sustainable noninflationary growth and to allow an assessment of the stance of macroeconomic policies. The paper then compares results from some of these methods to the case of Sweden, showing the range of estimates.
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