G2TT
来源类型Discussion paper
规范类型论文
来源IDDP808
DP808 Trends and Cycles in Labour Productivity in the Major OECD Countries
Lucrezia Reichlin; Giuseppe Nicoletti
发表日期1993-07-31
出版年1993
语种英语
摘要This paper uses a multivariate generalization of the Beveridge and Nelson methodology to model trends and cycles of business sector labour productivity in the major OECD countries. The method implies that the trend is the long-run forecast of productivity, given all available information; the cycle is thus interpreted as the total excess growth that would be forecasted beyond `normal' rates of productivity (see Evans and Reichlin (1993a)). Multivariate trends in productivity were estimated including series that Granger-cause and possibly are cointegrated with productivity. The corresponding cycles were compared with those generated by the Hodrick-Prescott filter and with the business cycle data of the OECD. The stability and predictive properties of the Beveridge-Nelson and Hodrick-Prescott trends were compared. Finally, the estimated productivity gaps were used as proxies for capacity utilization in economic models of price formation in order to assess their empirical validity. The sample period considered is 1960-92 and data are quarterly.
主题International Macroeconomics
关键词Cycle Productivity Trend
URLhttps://cepr.org/publications/dp808
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/529964
推荐引用方式
GB/T 7714
Lucrezia Reichlin,Giuseppe Nicoletti. DP808 Trends and Cycles in Labour Productivity in the Major OECD Countries. 1993.
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