Hjelm, Göran () (National Institute of Economic Research)
Abstract
Economists are often concerned with estimates of three unobservable variables: the NAIRU, the output gap, and the structural budget balance. Although the main purpose of many existing methods is to remove effects stemming from the same business cycle, the three variables are estimated in different models. In this paper, we propose a new unifying approach to estimate NAIRU, output gaps, and structural budget balances in the same model. A structural VAR model, designed to take the non-stationarity of European unemployment into account, is applied and we provide Swedish evidence using yearly data for the period 1950-2004.
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Paper provided by National Institute of Economic Research in its series Working Paper with number
81.
Length: 24 pages Date of creation: 14 May 2003 Date of revision: Publication status: Forthcoming in Growth and cycle in the Eurozone, Mazzi, G.L., Savio, G. (eds.), 2007, chapter Part VI (2nd paper), Eurostat. Handle: RePEc:hhs:nierwp:0081
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