IDEAS home Printed from
MyIDEAS: Login to save this article

Die Inflationsneutrale Kapazitätsauslastung und die Phillips-Kurve in der Schweiz – Eine Analyse mit Mikrodaten

Eine hohe Auslastung der Produktionskapazitäten birgt Inflationsrisiken in sich, da übermässig ausgelastete Unternehmen dazu tendieren, die Nachfrage über höhere Preise mit ihren Produktionsmöglichkeiten in Einklang zu bringen. Umgekehrt ist bei einer Unterauslastung mit einer Dämpfung der Inflationsrate zu rechnen. Informationen über die inflationsneutrale Kapazitätsauslastung (NAICU: «non-accelerating inflation rate of capacity utilisation») sind deshalb für geldpolitische Entscheidungsträger von erheblicher Bedeutung. Die NAICU entspricht der durchschnittlichen Auslastung derjenigen Unternehmen, die keinen Preisanpassungsdruck empfinden. Allerdings ist die NAICU in makroökonomischen Daten nicht beobachtbar, und Schätzungen unterliegen zum Teil sehr restriktiven Annahmen. Im vorliegenden Beitrag wird ein neuer Ansatz zur Berechnung der NAICU vorgestellt, der frei ist von einer Reihe von Problemen bisher verwendeter Verfahren. Die Schätzung von Phillips-Kurven zeigt, dass die «Kapazitätslücke», d. h. die Abweichung der Kapazitätsauslastung von der nach dem vorliegenden Konzept berechneten NAICU, anderen Indikatoren des realwirtschaftlich bedingten Inflationsdrucks überlegen ist.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Article provided by KOF Swiss Economic Institute, ETH Zurich in its journal KOF Analysen.

Volume (Year): 3 (2009)
Issue (Month): 1 (March)
Pages: 67-78

in new window

Handle: RePEc:kof:anskof:v:3:y:2009:i:1:p:67-78
Contact details of provider: Postal:
Leonhardstrasse 21, CH-8092 Zürich

Phone: +41 44 632 42 39
Fax: +41 44 632 12 18
Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Jordi Gali & Mark Gertler & J. David Lopez-Salido, 2001. "European Inflation Dynamics," NBER Working Papers 8218, National Bureau of Economic Research, Inc.
  2. Robert J. Gordon, 1997. "The Time-Varying NAIRU and Its Implications for Economic Policy," Journal of Economic Perspectives, American Economic Association, vol. 11(1), pages 11-32, Winter.
  3. Julio J. Rotemberg & Michael Woodford, 1998. "An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version," NBER Technical Working Papers 0233, National Bureau of Economic Research, Inc.
  4. Gali, Jordi & Gertler, Mark, 1999. "Inflation dynamics: A structural econometric analysis," Journal of Monetary Economics, Elsevier, vol. 44(2), pages 195-222, October.
  5. Sarah Marit Lein & Eva Köberl, 2009. "Capacity Utilisation, Constraintes and Price Adjustments under the Microscope," Working Papers 2009-06, Swiss National Bank.
  6. Lein, Sarah M., 2010. "When do firms adjust prices? Evidence from micro panel data," Journal of Monetary Economics, Elsevier, vol. 57(6), pages 696-715, September.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:kof:anskof:v:3:y:2009:i:1:p:67-78. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.