This paper explores the social and economic factors that affect GDP per capita as a gauge of economic development for a sample of forty countries. The whole sample is subjected to regression analysis as GDP per capita being the dependent variable and the rest of the factors being the independent...

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...

Hours per capita measures based on the private sector as usually included in the set of observables for estimating macroeconomic models are affected by low-frequent demographic trends and sectoral shifts that cannot be explained by standard models. Further, model-based output gap estimates are...