Estimating Gaps and Trends for the Chilean Economy
In: Economic Growth: Sources, Trends, and Cycles
Trend GDP and the output gap are key inputs for policy evaluation and forecasting in standard models of monetary policy. However, measuring these variables is no easy task. This paper proposes two different approaches. First, a data-based approach, that starts with the primal and dual estimates of total factorproductivity (TFP) growth, and then uses a variety of procedures to filter the inputs. Second, a model-consistent framework that simultaneously estimates the macroeconomic dynamics and the underlying trends of the economy. Finally, a compared analysis is made of the difficulties of each methodology, using it to construct output gap and potential growth measures for Chile.
(This abstract was borrowed from another version of this item.)
|This chapter was published in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.) Economic Growth: Sources, Trends, and Cycles, , chapter 15, pages 523-554, 2002.|
|This item is provided by Central Bank of Chile in its series Central Banking, Analysis, and Economic Policies Book Series with number v06c15pp523-554.|
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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.:
- Meredith Beechey & Nargis Bharucha & Adam Cagliarini & David Gruen & Christopher Thompson, 2000. "A Small Model of the Australian Macroeconomy," RBA Research Discussion Papers rdp2000-05, Reserve Bank of Australia.
- Rómulo A.Chumacero & Francisco A.Gallego, 2002.
"Trends and cycles in real-time,"
Estudios de Economia,
University of Chile, Department of Economics, vol. 29(2 Year 20), pages 211-229, December.
- Pablo García & Luis Óscar Herrera & Rodrigo O. Valdés, 2002.
"New Frontiers for Monetary Policy in Chile,"
Central Banking, Analysis, and Economic Policies Book Series,
in: Norman Loayza & Raimundo Soto & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Series Editor) (ed.), Inflation Targeting: Desing, Performance, Challenges, edition 1, volume 5, chapter 15, pages 627-649
Central Bank of Chile.
- Patricio Rojas & Eduardo López & Susana Jiménez, 1997. "Determinantes del Crecimiento y Estimación del Producto Potencial en Chile: El Rol del Comercio," Working Papers Central Bank of Chile 24, Central Bank of Chile.
- Carlos José García & Jorge Enrique Restrepo, 2001. "Price Inflation and Exchange Rate Pass-Through in Chile," Working Papers Central Bank of Chile 128, Central Bank of Chile.
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