Did the crisis affect potential output?

Makram El-Shagi

Conventional Phillips-curve models that are used to estimate the output gap detect a substantial decline in potential output due to the present crisis. Using a multivariate state space model, we show that this result does not hold if the long run role of excess liquidity (that we estimate endogeneously) for inflation is taken into account. -- output gap ; liquidity ; state space models

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Year of publication:	2010
Authors:	Shagi, Makram el-
Publisher:	Halle (Saale) : Inst. für Wirtschaftsforschung
Subject:	Produktionspotenzial \| Potential output \| Phillips-Kurve \| Phillips curve \| Finanzkrise \| Financial crisis \| Wirtschaftskrise \| Economic crisis \| Liquidität \| Liquidity \| Zustandsraummodell \| State space model \| Schätzung \| Estimation \| USA \| United States \| 1959-2009

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Extent:	Online Ressource (PDF-Datei: 12 S., 245 KB) graph. Darst.
Series:	IWH-Diskussionspapiere. - Halle, S. : IWH, ISSN 2194-2188, ZDB-ID 2125062-5. - Vol. 2010,9
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Zsfassungen in dt. und engl. Sprache
Other identifiers:	hdl:10419/37061 [Handle]
Classification:	E3 - Prices, Business Fluctuations, and Cycles ; E4 - Money and Interest Rates
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10003961061