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

Athena Belegri-Roboli and Panayotis Michaelides

Applied Economics, 2007, vol. 39, issue 19, 2519-2528

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.

Date: 2007
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DOI: 10.1080/00036840600707290

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