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The Production Function Methodology for Calculating Potential Growth Rates & Output Gaps

Karel Havik, Kieran Mc Morrow, Fabrice Orlandi, Christophe Planas (), Rafal Raciborski, Werner Roeger, Alessandro Rossi (), Anna Elisabeth Thum and Valerie Vandermeulen

No 535, European Economy - Economic Papers 2008 - 2015 from Directorate General Economic and Financial Affairs (DG ECFIN), European Commission

Abstract: This paper provides a detailed description of the current version of the Ecofin Council approved production function (PF) methodology which is used for assessing both the productive capacity (i.e. potential output) and cyclical position (i.e. output gaps) of EU economies. Compared with the previous 2010 paper on the same topic, there have been two significant changes to the PF methodology, namely an overhaul of the NAWRU methodology & the introduction of a new T+10 methodology.

JEL-codes: C10 E60 O10 (search for similar items in EconPapers)
Pages: 120 pages
Date: 2014-11
New Economics Papers: this item is included in nep-mac
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