Estimating labour and output gap: evidence from the Athens Olympic Region in Greece

Authors: Belegri-Roboli, Athena; Michaelides, Panayotis

Source: Applied Economics, Volume 39, Number 19, October 2007 , pp. 2519-2528(10)

Publisher: Routledge, part of the Taylor & Francis Group

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Abstract:

The present article estimates potential labour and labour gap as well as potential output and output gap using a Cobb-Douglas production function and a Hodrick-Prescott filter. We investigate the Athens Region in Greece by sector of economic activity, with the aid of the non-accelerating wage inflation rate of unemployment concept. The results support the idea that the Athens region seems to be working, mostly, over the regional economy's capabilities, a fact which leads to inflationary pressure.

Document Type: Research article

DOI: http://dx.doi.org/10.1080/00036840600707290

Affiliations: 1: Faculty of Applied Mathematics and Physical Sciences, Laboratory of Applied Economics, National Technical University of Athens, Athens, Greece

Publication date: 2007-10-01

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