Measuring and decomposing output gap: A production function approach of the USA and EU-27 countries

• Authors: Julianna Csugány , Domicián Máté
• Languages of publication: EN

Abstracts

EN

The ICT-based techno-economic paradigm shift was sharpened by income inequalities in all over the world. The economic performance of USA and Europe were seemed to more different thanks to global economic events. The main purpose of this study is to estimate various macroeconomic variables such as GDP and labour for the period of 1993-2013. In order to indicate economic growth an alternative growth accounting method was used to decompose impacts of physical capital accumulation, technological changes and labour. Analysing the time series data of various OECD countries we could conclude that a large part of the variations in the output gap stem from the cyclical variations of total labour input and the total factor productivity (TFP). Hence, our results were reflected the relevance of technological progress.

Keywords

EN

Output Gap; growth accounting; total factor productivity; labour

Discipline

• ECONOMICS: ECONOMICS

• Publisher: Prague Development Center, Czech Republic
• Journal: Perspectives of Innovations, Economics and Business
• Year: 2012
• Volume: 12
• Issue: 3
• Pages: 15-20

Dates

published

2012-11-23

Contributors

author

Julianna Csugány

• Institute of Economics, Eszterházy Károly College, Hungary

author

Domicián Máté

• Prague Development Center, Czech Republic

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Identifiers

DOI

http://dx.doi.org/10.15208/pieb.2012.13