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:	El-Shagi, Makram
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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El-Shagi, Makram *1979-*. Did the crisis affect potential output?. - Halle (Saale) : IWH, 2010. - 12 S.

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