Original title: Economic research bulletin (2005, No.1)
Authors: Česká národní banka
Document type: Trade print
ISSN: 1803-7089
Year: 2005
Language: eng
Abstract: The efficiency of macroeconomic policies depends on adequate business cycle approximation. The CNB’s approach is aimed at estimating the deviation of real GDP from its “inflation-non-accelerating” level. Such deviation – the output gap – reflects demanddriven inflationary pressures, where the Phillips curve is of primary importance. By contrast, the production function method reflects the supply-side or “capacity” view of the economy’s potential. The two approaches are subject to methodological disputes and deliver different quantitative results, thus leaving decision makers still with a considerable degree of uncertainty. That is why alternative approaches are being developed. The following articles illustrate this problem in more detail.
Keywords: business cycle; central banks; Czech national bank; economic research; macroeconomics; production; productivity; ekonomický výzkum; hospodářský cyklus; makroekonomie; produktivita
Rights: This work is protected under the Copyright Act No. 121/2000 Coll.

Institution: The Czech National Bank (web)
External URL: http://www.cnb.cz/en/research/research_publications/erb/index.html

Permalink: http://www.nusl.cz/ntk/nusl-124078


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