A Multivariate Filter for Measuring Potential Output and the NAIRU Application to the Czech Republic

This paper presents a multivariate (MV) methodology for obtaining measures of excess demand that can facilitate discussion of monetary policy issues and improve policy decisions. Using data for the Czech Republic, a growing economy undergoing major structural change, it shows how the use of more information to condition the paths of potential output and the non accelerating inflation rate of unemployment (NAIRU) improves on univariate methods as the Hodrick-Prescott (HP) filter.

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Year of publication:	2004-03-01
Authors:	Benes, Jaromir ; Papa M'B. P. N'Diaye
Institutions:	International Monetary Fund (IMF)
Subject:	Unemployment \| Production \| Economic models \| nairu \| equation \| equations \| covariance \| random walk \| unemployment rate \| forecasting \| standard deviations \| time series \| constant term \| rate of change \| rate of unemployment \| econometrics \| random variables \| correlation \| time series analysis \| samples \| prediction \| structural unemployment \| survey

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Extent:	application/pdf
Series:	IMF Working Papers.
Type of publication:	Book / Working Paper
Notes:	The text is part of a series IMF Working Papers Number 04/45 3 pages long
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005264226