Potential output and the related concept of output gap play a central role in the macroeconomic policy interventions and evaluations. In particular, the output gap, defined as the difference between actual and potential output, conveys useful information on the cyclical position of a given...

Forecasting Budget expenditures using Budget balance intra annual data

The paper presents an estimate of the expenditure requirements to be used as a benchmark in the identification of best practices in the spending behavior of the municipalities. In order to distinguish the determinants of theoretical expenditure requirements with respect to those relating to...