IDEAS home Printed from https://ideas.repec.org/a/bla/revinw/v25y1979i2p141-165.html
   My bibliography  Save this article

Potential Gnp In The United States, 1948–80

Author

Listed:
  • Peter K. Clark

Abstract

Potential gross national product (GNP) is a measure of the aggregate supply capability of an economy, or the amount of output that could be expected at full employment. Such a measure of output at constant rates of labor and capital utilization is useful as a benchmark for economic performance, calculation of the full employment surplus as an indicator of fiscal policy, and in the projection of unemployment rates. Potential GNP for the United States is estimated for the years 1948–77, and projected for 1978–80. The calculations use a variable benchmark for the full‐employment unemployment rate, based on the changing age‐sex composition of the labor force, and a constant benchmark for the utilization of fixed capital. A framework for separation of productivity into trend, cycle, and irregular components is developed, and then estimated for the 1948–77 period, using quarterly data. The relationships between various age‐ and sex‐specific unemployment rates are also estimated in construction of the variable unemployment benchmark.

Suggested Citation

  • Peter K. Clark, 1979. "Potential Gnp In The United States, 1948–80," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 25(2), pages 141-165, June.
  • Handle: RePEc:bla:revinw:v:25:y:1979:i:2:p:141-165
    DOI: 10.1111/j.1475-4991.1979.tb00091.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1475-4991.1979.tb00091.x
    Download Restriction: no

    File URL: https://libkey.io/10.1111/j.1475-4991.1979.tb00091.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:revinw:v:25:y:1979:i:2:p:141-165. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/iariwea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.