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| Author: | Apel, M. Jansson, P. |
| Title: | System estimates of potential output and the NAIRU |
| Journal: | Empirical Economics
1999 : VOL. 24:3, p. 373-388 |
| Index terms: | ECONOMICS OUTPUT ESTIMATION |
| Language: | eng |
| Abstract: | This paper proposes a new approach for estimating potential output and the NAIRU. The methodology models these key unobservable economic variables as latent stochastic trends within a triviate system of observables comprising information on unemployment, GDP, and inflation. Identification is achieved through the use of a standard version of Okun's law and a Phillips curve. The performance of the procedure is investigated using Swedish quarterly data covering the time period 1970:1-1996:3. |
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