A Fresh Look at Potential Output in Central, Eastern, and Southeastern European Countries /

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Bibliographic Details
Author / Creator:Podpiera, Jiří, 1976- author.
Imprint:Washington, D.C. : International Monetary Fund, 2017.
Description:1 online resource (38 pages)
Language:English
Series:IMF working paper, 1018-5941 ; WP/17/37
IMF working paper ; WP/17/37.
Subject:
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/11705075
Hidden Bibliographic Details
Other authors / contributors:Raei, Faezeh, author.
Stepanyan, Ara, author.
ISBN:9781475584592
1475584598
1475584598
1475578989
9781475578980
Notes:Print version record.
Summary:Was the postcrisis growth slowdown in Central, Eastern and Southeastern Europe (CESEE) structural or cyclical? We use three different methods-production function approach, basic multivariate filter, and multivariate filter with financial frictions-to evaluate potential growth and output gaps for 18 CESEE countries during 2000-15. Our findings suggest that potential growth weakened significantly after the crisis across most countries in the region. This decline appears to be largely due to stagnant productivity and weaker capital accumulation, which were associated with common external factors, including trading partners' slow potential growth, but also decline in global trade and stalled expansion of global value chains. Our estimates suggest that output gaps in 2015 were largely closed in many countries in the region.
Other form:Print version: Podpiera, Jiri. A Fresh Look at Potential Output in Central, Eastern, and Southeastern European Countries. Washington, D.C. : International Monetary Fund, ©2017 9781475578980
Standard no.:10.5089/9781475578980.001

MARC

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100 1 |a Podpiera, Jiří,  |d 1976-  |e author.  |0 http://id.loc.gov/authorities/names/no2007083430 
245 1 2 |a A Fresh Look at Potential Output in Central, Eastern, and Southeastern European Countries /  |c by Jiří Podpiera, Faezeh Raei, and Ara Stepanyan. 
260 |a Washington, D.C. :  |b International Monetary Fund,  |c 2017. 
300 |a 1 online resource (38 pages) 
336 |a text  |b txt  |2 rdacontent 
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490 1 |a IMF working paper,  |x 1018-5941 ;  |v WP/17/37 
588 0 |a Print version record. 
505 0 |a Cover; Contents; Abstract; I. Introduction; II. Methodology; A. HP Filter; B. Multivariate Filtering Approach; C. Multivariate Filter with Financial Frictions; D. Production Function Approach; E. How can different approaches be reconciled?; III. Results; A. Potential Growth and its Drivers; B. How Large Were Output Gaps in 2015?; IV. Conclusions; References; FIGURES; 1. CESEE EU: Comovement of Cyclical Variables; 2: Information used in Different Methods of Estimating Potential Output; 3. CESEE: Potential Growth Estimates; 4. CESEE: Common and Idiosyncratic Factors of Potential Growth. 
505 8 |a 5. CESEE: Output Gap Estimates Using Different Methodologies6. CESEE: Potential Growth Estimates Using Different Methodologies; 7. Output Gaps in 2015; 8. Inflation rates; TABLES; 1. Correlations between intensity measures of capital and labor utilization; 2. CESEE: Output Gap Estimates, 2015 (percent of potential output); 3. CESEE: Potential Growth Estimates, 2015 (y-o-y, percent); APPENDICES; A.A comparison of output gap estimates using different indicators to identify; B. CESEE Countries' Potential Growth and Output Gaps. 
505 8 |a C. CESEE Countries' Potential Growth Decomposition (using production function approach)D. Decomposing Potential Growth into Common and Idiosyncratic; E. Data Sources and Variables Used for each Methodology. 
520 3 |a Was the postcrisis growth slowdown in Central, Eastern and Southeastern Europe (CESEE) structural or cyclical? We use three different methods-production function approach, basic multivariate filter, and multivariate filter with financial frictions-to evaluate potential growth and output gaps for 18 CESEE countries during 2000-15. Our findings suggest that potential growth weakened significantly after the crisis across most countries in the region. This decline appears to be largely due to stagnant productivity and weaker capital accumulation, which were associated with common external factors, including trading partners' slow potential growth, but also decline in global trade and stalled expansion of global value chains. Our estimates suggest that output gaps in 2015 were largely closed in many countries in the region. 
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651 0 |a Europe, Eastern  |x Economic conditions  |y 1989-  |0 http://id.loc.gov/authorities/subjects/sh90000332 
651 0 |a Balkan Peninsula  |x Economic conditions. 
651 6 |a Europe centrale  |x Conditions économiques  |y 1989- 
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