Hidden Bibliographic Details
| Other authors / contributors: | Berger, Helge, (IMF staff)
Dowling, Thomas, (IMF staff)
Lanau, Sergi, (IMF staff)
Lian, Weicheng, (IMF staff)
Mrkaić, Mićo, (IMF staff)
Rabanal, Pau, (IMF staff)
Sanjani, Marzie Taheri, (IMF staff)
International Monetary Fund. European Department.
|
|---|
| ISBN: | 1513503278
9781513503271
9781513599304
1513599305
|
|---|
| Notes: | "Prepared by Helge Berger, Thomas Dowling, Sergi Lanau, Weicheng Lian, Mico Mrkaic, Pau Rabanal, and Marzie Taheri Sanjani."
"November 2015."
"European Department."
Includes bibliographical references (pages 23-25).
Online resource; title from pdf title page (IMF.org Web site, viewed November 11, 2015).
|
|---|
| Summary: | Potential output---in the sense of the GDP level or path an economy can sustain over the medium term---is a crucial benchmark for policymakers. However, it is difficult to estimate when financial "booms and busts" are driving the real economy. This paper uses a simple multivariate filtering approach to illustrate the role financial variables play in driving potential or sustainable output. The results suggest that it moves more steadily during financial "boom and bust" periods than implied by conventional HP filter estimates, which tend to more closely follow actual GDP. A two-region, multisector New Keynesian DSGE model with financial frictions sheds light on the economic forces that could be behind the results obtained from the filter. This has important implications for policymakers.--Abstract.
|
|---|
| Other form: | Print Version: 9781513503271
|
|---|
| Standard no.: | 10.5089/9781513503271.001
9781513599304
|
|---|
