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The production function methodology for calculating potential growth rates and output gaps

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Author Info

  • Francesca D'Auria
  • Cécile Denis
  • Karel Havik
  • Kieran Mc Morrow
  • Christophe Planas
  • Rafal Raciborski
  • Werner Roger
  • Alessandro Rossi

Abstract

Summary for non-specialistsAs a result of the financial crisis, cyclically corrected indicators have taken on a greater degree of significance and are firmly back at the forefront of economic policy making. This heightened level of policy interest not only reflects the anxiousness of policy makers to avoid the well-documented mistakes made in assessing the supply side impact of historical crises but is also linked with the primary role of such indicators in calculating cyclically adjusted budget balances & in designing successful "exit strategies" from the current crisis (and especially the requirement to unwind the large increases in EU public debt).

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File URL: http://ec.europa.eu/economy_finance/publications/economic_paper/2010/pdf/ecp420_en.pdf
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Bibliographic Info

Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 420.

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Length: 108 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:euf:ecopap:0420

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Keywords: Macro-economic coordination fiscal policy and public finances structural policies growth and jobs stability and convergence programmes excessive deficit procedure Production function methodology potential growth output gaps;

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References

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  1. Per Krusell & Lee E. Ohanian & Jose-Victor Rios-Rull & Giovanni L. Violante, 1997. "Capital-skill complementarity and inequality: a macroeconomic analysis," Staff Report 239, Federal Reserve Bank of Minneapolis.
  2. Leon-Ledesma, Miguel A, 2002. "Unemployment Hysteresis in the US States and the EU: A Panel Approach," Bulletin of Economic Research, Wiley Blackwell, vol. 54(2), pages 95-103, April.
  3. Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July.
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