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OP 2005/43>Szilárd Benk–Zoltán M. Jakab–Gábor Vadas: Potential Output Estimations for Hungary: A Survey of Different Approaches

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Abstract

This paper is a comprehensive analysis of Hungary’s potential output. Since the concept of potential output is not unique, we present various interpretations of potential GDP, along with a large set of techniques for estimating it. Various estimates are presented and robustness analyses are performed. Finally, an illustrative scenario is outlined for the forthcoming few years.

Keywords: potential output, output gap, production function, business cycle, filtering.

JEL: E32, C22, C32.

OP43