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Accounting for Growth and Output Gaps: Evidence from New Zealand

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  • Fox, Kevin J
  • Kohli, Ulrich
  • Warren, Ronald S, Jr

Abstract

We evaluate New Zealand's macroeconomic performance over the 1967-96 period, which witnessed numerous economic reforms. Using both index-number and econometric techniques, we decompose nominal GDP growth and the output gap into contributions from price level changes, productivity growth and changes in factor utilisation. Changes in domestic prices accounted for four-fifths of the growth in nominal GDP, while capital accumulation and employment growth were the most important factors determining real-output growth. Deviations in the domestic price level around its long-run trend contributed most heavily to changes in the nominal output gap. The real gap was influenced in any year variously by deviations of the terms of trade and labour input from their long-run trends, as well as by productivity shocks. Copyright 2002 by The Economic Society of Australia.

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Bibliographic Info

Article provided by The Economic Society of Australia in its journal The Economic Record.

Volume (Year): 78 (2002)
Issue (Month): 242 (September)
Pages: 312-26

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Handle: RePEc:bla:ecorec:v:78:y:2002:i:242:p:312-26

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Cited by:
  1. Olivier, CARDI, 2005. "Another View of the J-Curve," Discussion Papers (ECON - Département des Sciences Economiques) 2005029, Université catholique de Louvain, Département des Sciences Economiques.
  2. Kevin J. Fox & R. Quentin Grafton & James Kirkley & Dale Squires, 2002. "Property Rights in a Fishery: Regulatory Change and Firm Performance," Economics and Environment Network Working Papers 0205, Australian National University, Economics and Environment Network.
  3. Gern, Klaus-Jürgen & Kamps, Christophe & Meier, Carsten-Patrick & Scheide, Joachim, 2004. "Moderate upswing in Euroland," Kiel Discussion Papers 410, Kiel Institute for the World Economy (IfW).
  4. Fox, Kevin J. & Grafton, R. Quentin & Kompas, Tom & Che, Tuong Nhu, 2006. "Capacity reduction, quota trading and productivity: the case of a fishery," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 50(2), June.
  5. Carsten-Patrick Meier, 2004. "Investigating the Impact of an Appreciation of the Euro in a Small Macroeconometric Model of Germany and the Euro Area," Kiel Working Papers 1204, Kiel Institute for the World Economy.
  6. Gern, Klaus-Jürgen & Kamps, Christophe & Meier, Carsten-Patrick & Scheide, Joachim, 2004. "Verhaltener Aufschwung in Euroland," Open Access Publications from Kiel Institute for the World Economy 3215, Kiel Institute for the World Economy (IfW).
  7. Kevin J. Fox & R. Quentin Grafton & Tom Kompas & Tuong Nhu Che, 2003. "Productivity and capacity reduction: the case of a fishery," International and Development Economics Working Papers idec03-2, International and Development Economics.
  8. Kevin J Fox, 2005. "Returns to Scale, Technical Progress and Total Factor Productivity Growth in New Zealand Industries," Treasury Working Paper Series 05/04, New Zealand Treasury.
  9. CARDI, Oliver & BERTINELLI, Luisito, 2004. "A formal model of krugman’s intuition on the J-curve," CORE Discussion Papers 2004043, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Kevin J. Fox & R. Quentin Grafton & Tom Kompas & Tuong Nhu Che, 2003. "Capacity Reduction and Productivity: The Case of Fishery," Economics and Environment Network Working Papers 0303, Australian National University, Economics and Environment Network.

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