Measures of Potential Output from an Estimated DSGE Model of the United States

This paper develops a DSGE model for the United States that features rational inflation inertia and persistence. The model is estimated with Bayesian-estimation techniques and time-varying inflation objectives to account for movements between regimes. After showing that the model produces forecasts that are quite competitive with other methods we use the forecasts of the model to generate more robust Hodrick-Prescott filter end-of-sample estimates of the output gap.

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Year of publication:	2006-12
Authors:	Juillard, Michel ; Kamenik, Ondrej ; Kumhof, Michael ; Laxton, Douglas
Institutions:	Česká Národní Banka
Subject:	Bayesian estimation \| inflation inertia \| monetary policy \| output gap

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Series:	Working Papers.
Type of publication:	Book / Working Paper
Classification:	E31 - Price Level; Inflation; Deflation ; E32 - Business Fluctuations; Cycles ; E52 - Monetary Policy (Targets, Instruments, and Effects) ; C11 - Bayesian Analysis
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005765483