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A Fresh Look at Potential Output in Central, Eastern, and Southeastern European Countries / by Jiří Podpiera, Faezeh Raei, and Ara Stepanyan.

By: Contributor(s): Material type: TextTextSeries: IMF Working PapersPublication details: Washington, D.C. : International Monetary Fund, 2017.Description: 1 online resource (38 pages)Content type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781475584592
  • 1475584598
ISSN:
  • 1018-5941
Subject(s): Genre/Form: Additional physical formats: Print version:: A Fresh Look at Potential Output in Central, Eastern, and Southeastern European Countries.DDC classification:
  • 330.943 23
LOC classification:
  • HC244
Online resources:
Contents:
Cover; Contents; Abstract; I. Introduction; II. Methodology; A. HP Filter; B. Multivariate Filtering Approach; C. Multivariate Filter with Financial Frictions; D. Production Function Approach; E. How can different approaches be reconciled?; III. Results; A. Potential Growth and its Drivers; B. How Large Were Output Gaps in 2015?; IV. Conclusions; References; FIGURES; 1. CESEE EU: Comovement of Cyclical Variables; 2: Information used in Different Methods of Estimating Potential Output; 3. CESEE: Potential Growth Estimates; 4. CESEE: Common and Idiosyncratic Factors of Potential Growth.
5. CESEE: Output Gap Estimates Using Different Methodologies6. CESEE: Potential Growth Estimates Using Different Methodologies; 7. Output Gaps in 2015; 8. Inflation rates; TABLES; 1. Correlations between intensity measures of capital and labor utilization; 2. CESEE: Output Gap Estimates, 2015 (percent of potential output); 3. CESEE: Potential Growth Estimates, 2015 (y-o-y, percent); APPENDICES; A.A comparison of output gap estimates using different indicators to identify; B. CESEE Countries' Potential Growth and Output Gaps.
C. CESEE Countries' Potential Growth Decomposition (using production function approach)D. Decomposing Potential Growth into Common and Idiosyncratic; E. Data Sources and Variables Used for each Methodology.
Abstract: Was the postcrisis growth slowdown in Central, Eastern and Southeastern Europe (CESEE) structural or cyclical? We use three different methods-production function approach, basic multivariate filter, and multivariate filter with financial frictions-to evaluate potential growth and output gaps for 18 CESEE countries during 2000-15. Our findings suggest that potential growth weakened significantly after the crisis across most countries in the region. This decline appears to be largely due to stagnant productivity and weaker capital accumulation, which were associated with common external factors, including trading partners' slow potential growth, but also decline in global trade and stalled expansion of global value chains. Our estimates suggest that output gaps in 2015 were largely closed in many countries in the region.
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Print version record.

Cover; Contents; Abstract; I. Introduction; II. Methodology; A. HP Filter; B. Multivariate Filtering Approach; C. Multivariate Filter with Financial Frictions; D. Production Function Approach; E. How can different approaches be reconciled?; III. Results; A. Potential Growth and its Drivers; B. How Large Were Output Gaps in 2015?; IV. Conclusions; References; FIGURES; 1. CESEE EU: Comovement of Cyclical Variables; 2: Information used in Different Methods of Estimating Potential Output; 3. CESEE: Potential Growth Estimates; 4. CESEE: Common and Idiosyncratic Factors of Potential Growth.

5. CESEE: Output Gap Estimates Using Different Methodologies6. CESEE: Potential Growth Estimates Using Different Methodologies; 7. Output Gaps in 2015; 8. Inflation rates; TABLES; 1. Correlations between intensity measures of capital and labor utilization; 2. CESEE: Output Gap Estimates, 2015 (percent of potential output); 3. CESEE: Potential Growth Estimates, 2015 (y-o-y, percent); APPENDICES; A.A comparison of output gap estimates using different indicators to identify; B. CESEE Countries' Potential Growth and Output Gaps.

C. CESEE Countries' Potential Growth Decomposition (using production function approach)D. Decomposing Potential Growth into Common and Idiosyncratic; E. Data Sources and Variables Used for each Methodology.

Was the postcrisis growth slowdown in Central, Eastern and Southeastern Europe (CESEE) structural or cyclical? We use three different methods-production function approach, basic multivariate filter, and multivariate filter with financial frictions-to evaluate potential growth and output gaps for 18 CESEE countries during 2000-15. Our findings suggest that potential growth weakened significantly after the crisis across most countries in the region. This decline appears to be largely due to stagnant productivity and weaker capital accumulation, which were associated with common external factors, including trading partners' slow potential growth, but also decline in global trade and stalled expansion of global value chains. Our estimates suggest that output gaps in 2015 were largely closed in many countries in the region.

Master record variable field(s) change: 651

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