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Output Gaps in European Monetary Union. New Insights from Input Augmentation in the Technological Progress

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  • Dimitz, Maria Antoinette

    (Dimitz; Foreign Research Division, Oesterreichische Nationalbank)

Abstract

Output gaps for ten European countries and the USA are estimated based on a CES production function with input augmentation in the technological progress. The substitution parameter is estimated from the coefficients of the labor and capital demand functions. The estimation is done using Johansen's cointegration method. For six of the eleven countries analyzed, the use of the Cobb Douglas form would not be appropriate. The output gaps show a similar cyclical pattern for all countries. They remain mostly within +/-3% for five countries and within +/-5% for another four. Separating labor- and capital-augmenting technological progress gives insight into the driving forces of growth.

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File URL: http://www.ihs.ac.at/publications/eco/es-102.pdf
File Function: First version, 2001
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Bibliographic Info

Paper provided by Institute for Advanced Studies in its series Economics Series with number 102.

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Length: 28 pages
Date of creation: Jul 2001
Date of revision:
Handle: RePEc:ihs:ihsesp:102

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Related research

Keywords: Output gap; Potential output; CES production function; EMU;

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  1. Blanchard, Olivier Jean & Quah, Danny, 1989. "The Dynamic Effects of Aggregate Demand and Supply Disturbances," American Economic Review, American Economic Association, vol. 79(4), pages 655-73, September.
  2. Mikael Apel & Per Jansson, 1999. "System estimates of potential output and the NAIRU," Empirical Economics, Springer, vol. 24(3), pages 373-388.
  3. Duffy, John & Papageorgiou, Chris, 2000. " A Cross-Country Empirical Investigation of the Aggregate Production Function Specification," Journal of Economic Growth, Springer, vol. 5(1), pages 87-120, March.
  4. W. Bolt & P.J.A. van Els, 1998. "Output gap and inflation in the EU," WO Research Memoranda (discontinued) 550, Netherlands Central Bank, Research Department.
  5. Jørgen Elmeskov, 1993. "High and Persistent Unemployment: Assessment of the Problem and Its Causes," OECD Economics Department Working Papers 132, OECD Publishing.
  6. Paula De Masi, 1997. "IMF Estimates of Potential Output," IMF Working Papers 97/177, International Monetary Fund.
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