This paper discusses growth performance in the OECD countries over the past two decades.
Special attention is given to developments in labour productivity, allowing for human capital …

The structural rate of unemployment and associated non-accelerating inflation rate of
unemployment (the NAIRU) are of major importance to the analysis of macro and structural …

We develop optimal finite‐sample approximations for the band pass filter. These
approximations include one‐sided filters that can be used in real time. Optimal …

We examine the reliability of alternative output detrending methods, with special attention to
the accuracy of real-time estimates of the output gap. We show that ex post revisions of the …

This paper argues that information about the financial cycle should be incorporated in
measures of potential output. Identifying potential output with non-inflationary output is too …

This article proposes a new method for estimating potential output in which potential real
gross domestic product (GDP) is modeled as an unobserved stochastic trend, and …

Estimates of potential output are an important ingredient of structured forecasting and policy
analysis. Using information on consensus forecasts, this paper extends the multivariate filter …

Will the Japanese government take the decisive but manageable policy actions needed to
bring about economic recovery? Despite claims to the contrary, macroeconomic expansion …

This paper discusses some of the recent developments in growth theory, doing so from the
perspective of a small open economy. After setting out a basic generic model, we show how …

Several considerations suggest that the ECB may respond to EMU-wide output gaps in
setting policy: estimated reaction functions indicate that central banks respond to output …