Working Papers, Konjunkturinstitutet - National Institute of Economic Research
Simultaneous Determination of NAIRU, Output Gaps, and Structural Budget Balances: Swedish Evidence
Abstract: Economists are often concerned with estimates of three
unobservable variables: the NAIRU, the output gap, and the structural
budget balance. Although the main purpose of many existing methods is to
remove effects stemming from the same business cycle, the three variables
are estimated in different models. In this paper, we propose a new unifying
approach to estimate NAIRU, output gaps, and structural budget balances in
the same model. A structural VAR model, designed to take the
non-stationarity of European unemployment into account, is applied and we
provide Swedish evidence using yearly data for the period 1950-2004.
24 pages, May 14, 2003
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Full text versions of the paper:
Working-Paper-81-Simultan ... nces-Swedish-Evidence.pdf
- This paper is forthcoming as:
Hjelm, Göran, 'Simultaneous Determination of NAIRU, Output Gaps, and Structural Budget Balances: Swedish Evidence', in Mazzi, G.L. and G. Savio (eds.) Growth and cycle in the Eurozone, Eurostat
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