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Using European Commission real-time data, we show that potential output (PO) estimates were substantially and persistently revised downwards after the Great Recession. We decompose PO revisions into revisions of the capital stock, trend labor, and trend total-factor productivity (TFP)....
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potential output is subject to hysteresis. We augment a basic NewKeynesian model by hysteresis in potential output and contrast … simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic … Hysterese-Effekte im Potenzialoutput der Ökonomie berücksichtigt werden. Wir erweitern ein Neukeynesianisches Standardmodell um …
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potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast … simulation outcomes of this extended model to the standard model. We find that considering hysteresis allows for a more realistic …
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