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An Assessment Of The Relative Quality Of The Output Gap Estimates Produced By The Eus Production Function Methodology
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Book Synopsis An Assessment of the Relative Quality of the Output Gap Estimates Produced by the EU's Production Function Methodology by :
Download or read book An Assessment of the Relative Quality of the Output Gap Estimates Produced by the EU's Production Function Methodology written by and published by . This book was released on 2015 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Assessment of the Plausibility of the Output Gap Estimates by :
Download or read book Assessment of the Plausibility of the Output Gap Estimates written by and published by . This book was released on 2017 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: This economic brief provides a self-contained guide on the new Plausibility Tool, being a part of the constrained discretion approach to improving the Production Function methodology for calculating potential output and output gaps. It explains the macroeconomic model and its rationale, reports the results obtained with the tool during the ECFIN 2016 Autumn Forecast and provides their economic interpretation.
Book Synopsis Production Function Approach to Calculating Potential Growth and Output Gaps by : Cécile Denis
Download or read book Production Function Approach to Calculating Potential Growth and Output Gaps written by Cécile Denis and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge: 1. Introductory remarks - 2. Measurement of potential output using a production function approach - 3. Potential output and output gap estimates - EU15,euro zone and US.
Book Synopsis Measuring Output Gap: Is It Worth Your Time? by : Mr.Jiaqian Chen
Download or read book Measuring Output Gap: Is It Worth Your Time? written by Mr.Jiaqian Chen and published by International Monetary Fund. This book was released on 2020-02-07 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: We apply a range of models to the U.K. data to obtain estimates of the output gap. A structural VAR with an appropriate identification strategy provides improved estimates of output gap with better real time properties and lower sensitivity to temporary shocks than the usual filtering techniques. It also produces smaller out-of-sample forecast errors for inflation. At the same time, however, our results suggest caution in basing policy decisions on output gap estimates.
Book Synopsis Calculating Potential Growth Rates and Output Gaps by : Cécile Denis
Download or read book Calculating Potential Growth Rates and Output Gaps written by Cécile Denis and published by . This book was released on 2006 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: Any meaningful analysis of cyclical developments, of medium term growth prospects or of the stance of fiscal and monetary policies are all predicated on either an implicit or explicit assumption concerning the rate of potential output growth. Given the importance of the concept, the measurement of potential output is the subject of contentious and sustained research interest. All the available methods have "pros" and "cons" and none can unequivocally be declared better than the alternatives in all cases. Thus, what matters is to have a method adapted to the problem under analysis, with well defined limits and, in international comparisons, one that deals identically with all countries. This is the approach adopted in the present paper where it is stated clearly that the objective is to produce an economics based, production function, method which can be used for operational EU policy surveillance purposes.
Book Synopsis Measures of the Output Gap in the Euro-zone by : Odile Chagny
Download or read book Measures of the Output Gap in the Euro-zone written by Odile Chagny and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competitiveness and Economic Development in Europe by : Sławomir I. Bukowski
Download or read book Competitiveness and Economic Development in Europe written by Sławomir I. Bukowski and published by Routledge. This book was released on 2021-04-11 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: The success of an economy to adapt quickly, flexibly, and effectively to the demands of the changing international economic environment can only be investigated using the achievements of other national economies or regions as a benchmark. This book analyzes the fundamental factors of competitiveness, which will, in turn, facilitate economic development and growth, in the new post-crisis environment. In the economic, social, legal, and technological environment that has emerged in recent years, as well as in the period after the recent financial crisis, it is critical to define, assess, and implement new pathways to competitiveness and economic development. The book covers all aspects of competitiveness and economic growth, from financial intermediaries to tourism and the digital economy, and from regulation and corporate governance to exchange rate dynamics and monetary policy issues. It uses empirical findings from a variety of different countries with divergent economic structures and policies. It examines the new system of production, and the technological, commercial, financial and institutional environment, with the aim of recommending a proportional division of benefits and costs of economic growth. It offers a fresh, holistic, and flexible concept to underscore the new relationship between competitiveness and economic growth. Such an approach is needed, whereby competitiveness is no longer a zero-sum game between countries, but is achievable for all countries. The book recommends future directions and offers policy solutions, and as such, will appeal to students, researchers, and policymakers, as well as those interested in the role of competitiveness in the operation of markets, productivity, and economic development, and how it might foster innovation and growth.
Book Synopsis A New Methodology for Estimating the Output Gap in the United States by : Ali Alichi
Download or read book A New Methodology for Estimating the Output Gap in the United States written by Ali Alichi and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The gap between potential and actual output---the output gap---is a key variable for policymaking. This paper adapts the methodology developed in Blagrave and others (2015) to estimate the path of output gap in the U.S. economy. The results show that the output gap has considerably shrunk since the Great Recession, but still remains negative. While the results are more robust than other existing methodologies, there is still significant uncertainty surrounding the estimates. --Abstract.
Book Synopsis Searching for the Output Gap by : Mark William Longbrake
Download or read book Searching for the Output Gap written by Mark William Longbrake and published by . This book was released on 2008 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation investigates the usage and estimation of the output gap. The wide use of the output gap as a variable in the monetary policy literature makes learning more about the output gap necessary. The biggest issue with the output gap is that although it is a straightforward theoretical concept it can not be observed directly, meaning it must be estimated. The economics literature currently estimates the output gap by three different methods. The first is direct detrending of the GDP data, the second is indirect estimation, and the third is the production function approach. This dissertation uses both the first and the third methods in order to produce an output gap estimate that is theoretically and econometrically attractive. We begin by investigating the long term trend in US real GDP directly from the GDP data using a new econometric technique, Adaptive Least Squares (ALS). ALS is a special case of the Kalman Filter that allows for a time varying parameter model to be estimated relatively easily. The estimated trend is then used to estimate the output gap. The results of our estimation suggest that GDP does not follow even a time-varying long term trend, so the output 'gap' as specified is illusory. Chapter 3 derives both an unemployment gap and a capacity utilization gap, using Adaptive Least Squares (ALS), and combines them to formulate our Factor Utilization Model. The use of both unemployment and capacity utilization allows us to consider the effects of both labor and capital under or over utilization, thus eliminating a potential substitution bias from the unemployment gap, and avoiding unit root problems from a univariate estimation of the output gap. Additionally the fact that the Factor Utilization Model can be estimated monthly allows for more frequent data availability. Our final chapter compares various estimates of the output gap including all of the estimates developed earlier. We group the output gap estimates into three broad categories, one-sided filters two-sided filters and real-time estimates. Two-sided filters use the entire history of the data in order to arrive at an estimate. This means that they are very useful for looking backwards at the economy to determine how things were, but they are of little use in saying what would, or should have been done in the past. One-sided filters only use the data from periods up to and including the period being estimated. This gives the estimate that would have been generated if the estimation was being done historically. The final group of estimates utilizes real-time data. This is the data as it was initially published before it was subsequently revised. We find that the GDP data and the Congressional Budget Office's estimate of the output gap are subject to large ex post revisions, but that the unemployment and capacity utilization data are not. This lends strength to our Factor Utilization Gap as our output gap proxy of choice.
Book Synopsis The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps by : Karel Havik
Download or read book The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps written by Karel Havik and published by . This book was released on 2014 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper provides a detailed description of the current version of the Ecofin Council approved production function (PF) methodology which is used for assessing both the productive capacity (i.e. potential output) and cyclical position (i.e. output gaps) of EU economies. Compared with the previous 2010 paper on the same topic, there have been two significant changes to the PF methodology, namely an overhaul of the NAWRU methodology & the introduction of a new T+10 methodology."--Document home page.
Book Synopsis A New Methodology for a Quarterly Measure of the Output Gap by : Marco Cacciotti
Download or read book A New Methodology for a Quarterly Measure of the Output Gap written by Marco Cacciotti and published by . This book was released on 2013 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a new mixed frequency methodology to estimate output gaps and potential output on a quarterly basis. The methodology strongly relies on the production function method commonly agreed at the European level (D'Auria et. al., 2010) but it significantly improves it allowing to assess the impact of real time forecast for GDP and other underlying variables. This feature of the model is particularly welcome in the current Italian budgetary framework which has foreseen the introduction of the principle of a budget balance in structural terms in the Constitution.By allowing to measure output gap with a quarterly span on the basis of recent developments indicators, the methodology provides interesting hints on the cyclical position of the economy in real time to be used for deriving cyclically-adjusted fiscal aggregates.
Book Synopsis The production function methodology for calculating potential growth rates and output gaps by : Francesca D' Auria
Download or read book The production function methodology for calculating potential growth rates and output gaps written by Francesca D' Auria and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps by : Karel Havik
Download or read book The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps written by Karel Havik and published by . This book was released on 2015 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a detailed description of the current version of the Ecofin Council approved production function (PF) methodology which is used for assessing both the productive capacity (i.e. potential output) and cyclical position (i.e. output gaps) of EU economies. Compared with the previous 2010 paper on the same topic, there have been two significant changes to the PF methodology, namely an overhaul of the NAWRU methodology & the introduction of a new T+10 methodology.
Book Synopsis Estimating Potential Output and the Output Gap for the Euro Area by : Tommaso Proietti
Download or read book Estimating Potential Output and the Output Gap for the Euro Area written by Tommaso Proietti and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The External Balance Assessment (EBA) Methodology by : Mr.Steven Phillips
Download or read book The External Balance Assessment (EBA) Methodology written by Mr.Steven Phillips and published by International Monetary Fund. This book was released on 2014-01-13 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The External Balance Assessment (EBA) methodology has been developed by the IMF’s Research Department as a successor to the CGER methodology for assessing current accounts and exchange rates in a multilaterally consistent manner. Compared to other approaches, EBA emphasizes distinguishing between the positive empirical analysis and the normative assessment of current accounts and exchange rates, and highlights the roles of policies and policy distortions. This paper provides a comprehensive description and discussion of the 2013 version (“2.0”) of the EBA methodology, including areas for its further development.
Book Synopsis Italian Fiscal Policy Review. 2015 by : Sergio Ginebri
Download or read book Italian Fiscal Policy Review. 2015 written by Sergio Ginebri and published by Roma TrE-Press. This book was released on 2017-05-01 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: Il volume esamina e valuta la politica di bilancio italiana realizzata nell’anno 2015, di cui vengono presentati gli impatti macroeconomici e distributivi. Si sostiene che, da una parte, le politiche di consolidamento fiscale mettono a rischio la crescita già bassa del Pil e finiscono per ritardare la riduzione del rapporto tra debito e Pil; d’altra parte, che i provvedimenti adottati non hanno ridotto la disuguaglianza nella distribuzione del reddito, che in Italia è una delle più alte in Europa. Oltre a ciò, vengono approfondite due tematiche salienti per la politica di bilancio: in primo luogo la relazione esistente tra struttura del prelievo fiscale, crescita, occupazione. Viene mostrano che, a parità di gettito, un aumento della progressività del prelievo incrementa l’occupazione, e che un trasferimento del prelievo dal reddito al consumo aumenta la crescita e l’occupazione. Il secondo argomento di approfondimento riguarda la misurazione del Pil potenziale, che è alla base delle regole fiscali europee. Due contributi mostrano la scarsa robustezza o l’inadeguatezza delle metodologie di calcolo del potenziale adottate dalla Commissione europea.
Book Synopsis Cost-benefit Analysis by : James H. Meisel
Download or read book Cost-benefit Analysis written by James H. Meisel and published by Routledge. This book was released on 2020-10-11 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world is increasingly concerned with bridging the developmental gap between the developed and developing countries. With the establishment of a number of institutions for funding the projects including the World Bank, Asian Development Bank, and many other agencies, the need to develop mechanisms to assess economically viable projects is more important than ever. The Social-Cost Benefit Analysis (SCBA) is an important technique used in formulating, appraising, and evaluating projects. It is a facet of applied welfare economics which is increasingly being used to identify and assess public projects in both developing and developed countries. This volume presents a comprehensive view of cost-benefit analysis in its theoretical and applied dimensions. Both theory and case studies are presented. The theoretical setting for Cost-Benefit Analysis is established by the first five chapters-"Spatial General Equilibrium and Cost-Benefit Analysis," by David M. Newbery; "Optimum Growth Theory and Social Time Preference: A Computerized Mathematical Modeling Exercise to Choose a Social Discount Rate," by Sardar M. N. Islam; "A Theoretical Inquiry of the Axiomatic Consistency of Distributional Weights used in Cost-Benefit Analysis," by Giuseppe Munda; "The Output Gap: Measurement, Related Concepts, and Policy Implications," by Parameswar Nandakumar; and "A Methodological Comparison of Theoretical Approaches in Dichotomous Choice Contingent Valuation," by John C. Whitehead. This book will be useful as a reference text by professors and students in project appraisal classes and will be of equal value to analysts, planners, and interested general readers.
