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Title: Investigating potential output using the Hodrick-Prescott filter : an application for Malta
Authors: Grech, Aaron George
Keywords: Equilibrium (Economics) -- Malta
Economic development -- Malta
Business cycles -- Malta
States, Small -- Economic conditions
Issue Date: 2014
Publisher: Central Bank of Malta
Citation: Grech, A.G. (2014). Investigating potential output using the Hodrick-Prescott filter : an application for Malta. Central Bank of Malta WP/02/2014.
Abstract: Modern economics assumes that in the long run an economy develops in a balanced way, with full employment of resources and a constant inflation rate. The output level thereby achieved is called 'potential output'. Knowing the extent of the output gap, or the deviation from this equilibrium, is crucial both to guide discretionary policy and to help set an environment conducive to higher long-term growth. Consequently substantial research has been carried out to devise methods to determine the equilibrium output of an economy.
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