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Potential Output in DSGE Models

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Author Info

  • Igor Vetlov

    () (Bank of Lithuania)

  • Tibor Hlédik

    () (Czech National Bank)

  • Magnus Jonsson

    () (Sveriges Riksbank)

  • Henrik Kucsera

    () (Magyar Nemzeti Bank)

  • Massimiliano Pisani

    () (Banca d'Italia)

Abstract

In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic projections and the policy process, this paper examines, both conceptually and empirically, alternative notions of potential output within DSGE models. Furthermore, it provides historical estimates of potential output/output gaps on the basis of selected DSGE models developed by the European System of Central Banks’ staff. These estimates are compared to the corresponding estimates obtained applying more traditional methods. Finally, the paper assesses the usefulness of the DSGE model-based output gaps for gauging inflationary pressures.

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Bibliographic Info

Paper provided by Bank of Lithuania in its series Bank of Lithuania Working Paper Series with number 9.

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Length: 48 pages
Date of creation: 03 Jun 2011
Date of revision:
Handle: RePEc:lie:wpaper:9

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Keywords: potential output; simulation and forecasting models; monetary policy;

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  1. Igor Vetlov & Tibor Hlédik & Magnus Jonsson & Henrik Kucsera & Massimiliano Pisani, 2011. "Potential Output in DSGE Models," Bank of Lithuania Working Paper Series 9, Bank of Lithuania.
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Cited by:
  1. Igor Vetlov & Tibor Hlédik & Magnus Jonsson & Henrik Kucsera & Massimiliano Pisani, 2011. "Potential output in DSGE models," Working Paper Series 1351, European Central Bank.

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