Leist, Stefan (September 2011). Driving Forces of the Swiss Output Gap (Discussion Papers 11-07). Bern: Department of Economics
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Contrary to standard agnostic statistical approaches an output gap estimate based on a New Keynesian Small Open Economy model provides the possibility to analyze the driving forces of the variation in GDP caused by nominal rigidities. This paper makes use of this and
provides an estimate of a model based output gap that corresponds well with conventional measures. The results confirm conventional wisdom that most of the variation is due to foreign shocks. But the risk premium shock in the uncovered interest rate parity equation also
plays an important role. It has a procyclical effect on the output gap except for the last recession.
Item Type: |
Working Paper |
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Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Economics |
UniBE Contributor: |
Leist, Stefan |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
Series: |
Discussion Papers |
Publisher: |
Department of Economics |
Language: |
English |
Submitter: |
Lars Tschannen |
Date Deposited: |
15 Oct 2020 17:14 |
Last Modified: |
05 Dec 2022 15:39 |
JEL Classification: |
C11, C51, E32, F41 |
BORIS DOI: |
10.7892/boris.145752 |
URI: |
https://boris.unibe.ch/id/eprint/145752 |
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