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Estimating labour and output gap: evidence from the Athens Olympic Region in Greece

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  • Athena Belegri-Roboli
  • Panayotis Michaelides

Abstract

The present article estimates potential labour and labour gap as well as potential output and output gap using a Cobb-Douglas production function and a Hodrick-Prescott filter. We investigate the Athens Region in Greece by sector of economic activity, with the aid of the non-accelerating wage inflation rate of unemployment concept. The results support the idea that the Athens region seems to be working, mostly, over the regional economy's capabilities, a fact which leads to inflationary pressure.

Suggested Citation

  • Athena Belegri-Roboli & Panayotis Michaelides, 2007. "Estimating labour and output gap: evidence from the Athens Olympic Region in Greece," Applied Economics, Taylor & Francis Journals, vol. 39(19), pages 2519-2528.
    • Handle: RePEc:taf:applec:v:39:y:2007:i:19:p:2519-2528
    DOI: 10.1080/00036840600707290
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    References listed on IDEAS

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    1. Fagan, Gabriel & Henry, Jérôme & Mestre, Ricardo, 2001. "An area-wide model (AWM) for the euro area," Working Paper Series 42, European Central Bank.
    2. Mr. Andreas Billmeier, 2004. "Ghostbusting: Which Output Gap Measure Really Matters?," IMF Working Papers 2004/146, International Monetary Fund.
    3. Slevin, Geraldine, 2001. "Potential Output and the Output Gap in Ireland," Research Technical Papers 5/RT/01, Central Bank of Ireland.
    4. Dainis Stikuts, 2003. "Measuring Output Gap in Latvia," Working Papers 2003/02, Latvijas Banka.
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    1. Michaelides, Panayotis G. & Papageorgiou, Theofanis & Vouldis, Angelos T., 2013. "Business cycles and economic crisis in Greece (1960–2011): A long run equilibrium analysis in the Eurozone," Economic Modelling, Elsevier, vol. 31(C), pages 804-816.
    2. Angelos VOULDIS & Panayotis MICHAELIDES & John MILIOS, 2008. "Do Technology Shocks affect Output and Profitability over the Business Cycle in Greece (1960-2008)?," EcoMod2008 23800152, EcoMod.
    3. Konstantakis, Konstantinos & Michaelides, Panayotis G., 2014. "The Political Economy of Car Sales in Athens, Greece," MPRA Paper 74489, University Library of Munich, Germany.
    4. Michaelides, Panayotis G. & Papageorgiou, Theofanis, 2012. "On the transmission of economic fluctuations from the USA to EU-15 (1960–2011)," Journal of Economics and Business, Elsevier, vol. 64(6), pages 427-438.
    5. Konstantakis, Konstantinos & Michaelides, Panayotis G. & Tsionas, Efthymios, 2015. "The Determinants of Economic Fluctuations in Greece: An Empirical Investigation (1995-2014)," MPRA Paper 74459, University Library of Munich, Germany.

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