Odhad potenciálneho produktu a produkčnej medzery v slovenských podmienkach

Estimation of potential product and output gap in slovak conditions

Emília Zimková and Jaroslav Barochovský

Politická ekonomie, 2007, vol. 2007, issue 4, 473-489

Abstract: The efficiency of macroeconomic policies depends on adequate business cycle approximation. Given that potential output and the output gap (the difference between actual and potential output) are not directly observable, their values need to be estimated using alternative statistical, structural, and combined techniques. In this paper the Hodrick-Prescott filter and the Cobb-Douglass production function has been applied on the Slovak conditions. The pross and coins of both methods are analysed. The Hodrick-Prescott filter does not capture the structural changes, which were significant especially in the first half of analysed period. Thus the Cobb-Douglass production function seems to be more appropriate. It enables to detect particular factors of potential output growth as technological progress, capital and labour. Despite of potential shortcomings, this approach is still widely used by international institutions, governments and researchers.

Keywords: monetary policy; output gap; potential output; Hodrick-Prescot filter; Cobb-Douglas production funct (search for similar items in EconPapers)
JEL-codes: E23 E24 E32 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (5)

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DOI: 10.18267/j.polek.609

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