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Materials, Capital, Direct/Indirect Substitution and Mass Balance Production Functions
Bergh, Jeroen C.J.M. van den - Tinbergen Institute - 1998
dimensions in economic production. A distinction is proposed between direct and indirect substitution. Linked to this, a … classification is offered of various types of substitutability and complementarity relationships between production factors. It is … argued that the neoclassical production function may be consistent with mass balance, but is unsuitable for a detailed and …
Persistent link: https://www.econbiz.de/10005504911
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Estimating Sri Lanka’s Potential Output
Ding, Ding; Nelmes, John; Perera, Roshan; Tulin, Volodymyr - International Monetary Fund (IMF) - 2014
In this paper we present various techniques to estimate Sri Lanka’s potential output and output gap, including statistical and model-based approaches. Compared to conventional statistical filters that rely exclusively on information in a single series, the model-based approaches allow...
Persistent link: https://www.econbiz.de/10011142089
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Materials, Capital, Direct/Indirect Substitution and Mass Balance Production Functions
Bergh, Jeroen C.J.M. van den - Tinbergen Instituut - 1998
dimensions in economic production. A distinction is proposed between direct and indirect substitution. Linked to this, a … classification is offered of various types of substitutability and complementarity relationships between production factors. It is … argued that the neoclassical production function may be consistent with mass balance, but is unsuitable for a detailed and …
Persistent link: https://www.econbiz.de/10011256921
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A Tradeoff between the Output and Current Account Effects of Pension Reform
Catalan, Mario; Magud, Nicolas E. - International Monetary Fund (IMF) - 2012
We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the...
Persistent link: https://www.econbiz.de/10010790246
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What Is in Your Output Gap? Unified Framework & Decomposition into Observables
Andrle, Michal - International Monetary Fund (IMF) - 2013
This paper discusses several popular methods to estimate the ‘output gap’. It provides a unified, natural concept for the analysis, and demonstrates how to decompose the output gap into contributions of observed data on output, inflation, unemployment, and other variables. A simple bar-chart...
Persistent link: https://www.econbiz.de/10010790260
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Potential Output and Output Gap in Central America, Panama and Dominican Republic
Johnson, Christian A - International Monetary Fund (IMF) - 2013
unfortunately it is an unobservable variable. Using three methodologies (production function, switching, and state-space), this …
Persistent link: https://www.econbiz.de/10010790335
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Aggregate Stability and Balanced-Budget Rules
Ghilardi, Matteo; Rossi, Raffaele - International Monetary Fund (IMF) - 2014
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle … production functions, namely a constant elasticity of substitution production function. We show that the degree of … substitutability between production factors is a key ingredient to understand the (de)stabilising properties of a balanced-budget rule …
Persistent link: https://www.econbiz.de/10010790380
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Remittances; An Automatic Output Stabilizer?
Hakura, Dalia; Chami, Ralph; Montiel, Peter - International Monetary Fund (IMF) - 2009
Remittance flows appear to be falling worldwide for the first time in decades as a result of the ongoing financial turmoil. It is suspected that the drop in remittance income into developing and emerging markets will have a destabilizing effect on these economies. The paper estimates the impact...
Persistent link: https://www.econbiz.de/10004999978
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Who is Still Haunted by the Specter of Communism? Explaining Relative Output Contractions Under Transition
Elborgh-Woytek, Katrin; Berengaut, Julian - International Monetary Fund (IMF) - 2005
The paper analyzes the initial output decline in transition economies by estimating a crosssection model stressing two major factors-conflicts and the legacies of the Soviet period. We link the Soviet legacies in place at the outset of the transition to the subsequent path for the development of...
Persistent link: https://www.econbiz.de/10005769029
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On the Pattern of Currency Blocs in Africa
Yehoue, Etienne B. - International Monetary Fund (IMF) - 2005
This paper seeks to elucidate the debate over currency union in Africa. The paper examines whether empirical investigation points to the gradual emergence of currency blocs. Based on the historical data on inflation, trade, and the comovements of prices and outputs, I argue that the emergence of...
Persistent link: https://www.econbiz.de/10005769051