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Record Nr. |
UNINA9910788525603321 |
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Autore |
Oomes Nienke |
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Titolo |
The Utilization-Adjusted Output Gap : : Is the Russian Economy Overheating? / / Nienke Oomes, Oksana Dynnikova |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-2559-9 |
1-4527-5116-1 |
1-282-47422-7 |
1-4519-0864-4 |
9786613821751 |
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Descrizione fisica |
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1 online resource (46 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Inflation (Finance) - Russia - Econometric models |
Input-output analysis - Russia - Econometric models |
Phillips curve - Econometric models |
Inflation |
Labor |
Macroeconomics |
Production and Operations Management |
Macroeconomics: Production |
Labor Economics Policies |
Price Level |
Deflation |
Labor Economics: General |
Labour |
income economics |
Capacity utilization |
Output gap |
Labor policy |
Industrial capacity |
Production |
Economic theory |
Prices |
Labor economics |
Russian Federation |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. THE NONACCELERATING INFLATION RATE OF FACTOR UTILIZATION""; ""III. FACTOR UTILIZATION IN RUSSIA""; ""A. Capacity Utilization""; ""B. Labor Utilization""; ""C. Estimating the Natural Rate""; ""IV. OUTPUT GAP ESTIMATES""; ""A. Trend Fitting and Statistical Filtering""; ""B. Production Function Approach""; ""V. CONCLUSIONS""; ""I. Characteristics and Methodology of Capacity Utilization Surveys""; ""II. Econometric NAICU Estimates""; ""III. Statistical Methods for Estimating the Output Gap""; ""References"" |
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Sommario/riassunto |
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This paper estimates the output gap in Russia using a utilization-adjusted production function approach, which we argue is preferable to traditional output gap methods. The approach amounts to (1) using available surveys to estimate the "natural rates" of capacity and labor utilization above which inflation begins to accelerate; (2) estimating a production function with utilization-adjusted capital and labor inputs; and (3) defining potential output as the level of output obtained when both capital and labor are at their estimated natural rates. The results suggest that the output gap in Russia was negative between 1999 and 2003, but may have recently become positive, thus contributing to inflationary pressures. |
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