Evaluation of the output gap: the case of Greece 1858-1938
The objective of this paper is to estimate the agricultural output gap for Greece during the period 1858-1938 using the univariate approach. To investigate the unit root hypothesis we use the Lumsdaine & Papell methodology. We show that models containing the agricultural output gap, as measured by the Hondrick- Preskott (HP) filter, have more explanatory power and statistically superior properties compared to models containing output gaps calculated using other methodologies.
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