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Taking into consideration the specifics of the Russian economy such as dependency on oil and gas drilling & production, and including the current context of the Western sanctions, COVID-19 pandemic, as well as somewhat idiosyncratic potential output development, the main aim of this paper is to...
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In the last few decades, real GDP growth and investment in advanced countries have declined in tandem. This slowdown was not the result of weak demand (there has been no shift along the Okun curve), but of a decline in potential output growth (which has shifted the Okun curve to the left). We...
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We propose a simple modification of Hamilton’s (2018) time series filter that yields reliable and economically meaningful real-time output gap estimates. The original filter relies on 8 quarter ahead forecast errors of a simple autoregression of real GDP. While this approach yields a cyclical...
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The literature on the finance-growth nexus highlights the importance of the financial cycle for the estimation of …
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We compare economic efficiencies in Brazil, India, and China, where economic efficiency measures the gap between … capture production inefficiencies in each country. The results suggest that China and India had relatively inefficient … these countries has narrowed substantially, supporting more rapid growth in China and India relative to Brazil. -- growth …
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