The Chilean Output Gap
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Summary:
This paper estimates the potential output (and the output gap) in Chile using several different methodologies. After a structural brake in 1998, the average growth rate of potential output in Chile declined from over 7 percent to 3-4 percent in the aggregate economy, but to less than 2 percent in the natural resource sector. The contributions to aggregate potential output growth of the natural resource sector and the non-natural resource sector are estimated, finding that the contribution to growth of the natural resource sector is non-linear-increasing during the 1990s, declining during the 2000s, and turning negative in the mid-2000s-despite the monotonic decrease in the share of natural resource output in aggregate output.
Series:
Working Paper No. 2011/002
Subject:
Environment Labor Natural resources Output gap Potential output Production Total factor productivity
English
Publication Date:
January 1, 2011
ISBN/ISSN:
9781455211807/1018-5941
Stock No:
WPIEA2011002
Pages:
14
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