The objective of this paper is to estimate the agricultural output gap for Greece during the period 1858-1938 using the univariate approach. To investigate the unit root hypothesis we use the Lumsdaine & Papell methodology. We show that models containing the agricultural output gap, as measured...

One of the main indicators of inflationary pressures used by the Reserve Bank of New Zealand is the output gap. A measure of potential output is obtained using a structural vector autoregression (SVAR) methodology. The assumption that movements in output are the result of cyclical shocks arising...

A new technique to estimate simultaneously the potential output and Phillips curve is demonstrated. Here we define the potential output as the non-accelerating-inflation level of output (NLO). The NLO is not a mere trend of the actual output, but rather is a critical level of output with the...