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Measuring And Decomposing Output Gap: A Production Function Approach Of The Usa And Eu-27 Countries

Author

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  • JULIANNA CSUGANY
  • DOMICIAN MATE

Abstract

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.

Suggested Citation

  • Julianna Csugany & Domician Mate, 2012. "Measuring And Decomposing Output Gap: A Production Function Approach Of The Usa And Eu-27 Countries," Perspectives of Innovation in Economics and Business (PIEB), Prague Development Center, vol. 12(3), pages 15-20, November.
    • Handle: RePEc:pdc:jrpieb:v:12:y:2012:i:3:p:15-20
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    More about this item

    Keywords

    Output gap; growth accounting; total factor productivity; labour;
    All these keywords.

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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