Bayesian estimation of the output gap for a small open economy: The case of Canada |
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| Authors: | Tino Berger Bernd Kempa |
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| Affiliation: | a University of Cologne, Center for Macroeconomic Research and SHERPPA, Muenster, Germanyb University of Muenster, Germany |
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| Abstract: | ![]()
We introduce a novel approach for estimating output gaps for small open economies. Identification is based on a multivariate trend-cycle decomposition in which transitory exchange rate movements are linked to the output gap and inflation. The model is then applied to Canadian data. |
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| Keywords: | C11 C32 E24 E31 E32 |
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