Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/210246 
Year of Publication: 
2012
Series/Report no.: 
Staff Memo No. 08/2012
Publisher: 
Norges Bank, Oslo
Abstract: 
The output gap quantifies aggregate capacity utilisation in the economy. Norges Bank's output gap assessment starts with a trend calculation (HP filter) of mainland GDP. Such trend estimates are inherently subject to uncertainty, particularly towards the end of the sample period. We therefore adjust the estimates based on other key information about capacity utilisation in the economy. The most important sources of adjustments are reviewed in this paper. In our assessments, particular emphasis is given to developments in the labour market. Unemployment is a good measure of welfare and provides a good gauge of the level of economic activity. As labour market figures are published regularly and seldom revised, they are therefore very useful in real-time assessment of capacity utilisation in the economy. In our assessment of capacity utilisation in enterprises, particular emphasis is given to the reports from Norges Bank's regional network.
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Research Report
Appears in Collections:

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.