В статье предпринята попытка определения естественного уровня безработицы в
России путем последовательной оценки оптимальной численности экономически …

In this paper, we set out the Japanese Economic Model (JEM), a largescale macroeconomic
model of the Japanese economy. Although the JEM is a theoretical model designed with a …

From a theoretical perspective, the output gap is probably the most comprehensive and
convincing concept to describe the cyclical position of an economy. Unfortunately, for …

This paper examines the methods used by the Bank of Japan (BOJ) for estimation of the
output gap. Great emphasis is put on the real-time estimation problems. After reviewing the …

In this paper, we carry out qualitative and quantitative analyses of impacts of factor market
distortions on Japan's economic stagnation in the 1990s, thereby showing that resolution of …

The output gap is of central interest to policymakers. Being unobservable, however, its
estimation is prone to error, particularly in real time. Errors result from revisions to the data …

Due to widely spread distrust in the signalling value of school grades, Swiss employers
require external standardised aptitude test results in the process of recruiting new …

It is standard to model the output-inflation trade-off as a linear relationship with a time-
invariant slope. We assess empirical evidence for three types of nonlinearity in the short-run …

This paper shows that changes in international competitiveness played a significant role in
creating the deflationary pressure in Japan from 1980 to 2001. Applying Blanchard and …

This paper claims that a scarcity of profitable private investment opportunities starting in the
early 1990s or even earlier is a fundamental cause of Japan's prolonged economic …