Estimation of the Output Gap in Czech Agriculture

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F60460709%3A41110%2F20%3A84636" target="_blank" >RIV/60460709:41110/20:84636 - isvavai.cz</a>

Výsledek na webu

<a href="https://ap.pef.czu.cz/en/r-12193-conference-proceedings" target="_blank" >https://ap.pef.czu.cz/en/r-12193-conference-proceedings</a>

DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

Estimation of the Output Gap in Czech Agriculture

Popis výsledku v původním jazyce

Potential output represents maximum sustainable level of output that the economy can produce. Although output gap is usually measured for the whole economy, we are able to break down the economy and estimate output gap for any given sector (we focus on Czech agriculture exclusively). We followed methodology of Czech National Bank (Hájek and Bezděk, 2010) and Plašil (2011): the former focuses on Cobb-Douglas production function and Hodrick-Prescott filter for detrending of total-factor productivity. The latter is maximum entropy bootstrapping technique which is particularly useful because beside point estimate we are able to get confidence intervals as well. The results show that total-factor productivity is steadily increasing in Czech agriculture. Actual output is also steadily increasing since 2010 mainly due to higher capital stock. We conclude that potential output is ranging between 56 to 76 billion CZK and as of 2018 actual output is around its potential. If the actual output surpasses its pote

Název v anglickém jazyce

Estimation of the Output Gap in Czech Agriculture

Popis výsledku anglicky

Potential output represents maximum sustainable level of output that the economy can produce. Although output gap is usually measured for the whole economy, we are able to break down the economy and estimate output gap for any given sector (we focus on Czech agriculture exclusively). We followed methodology of Czech National Bank (Hájek and Bezděk, 2010) and Plašil (2011): the former focuses on Cobb-Douglas production function and Hodrick-Prescott filter for detrending of total-factor productivity. The latter is maximum entropy bootstrapping technique which is particularly useful because beside point estimate we are able to get confidence intervals as well. The results show that total-factor productivity is steadily increasing in Czech agriculture. Actual output is also steadily increasing since 2010 mainly due to higher capital stock. We conclude that potential output is ranging between 56 to 76 billion CZK and as of 2018 actual output is around its potential. If the actual output surpasses its pote

Druh

D - Stať ve sborníku

CEP obor

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OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

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Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2020

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

AGRARIAN PERSPECTIVES XXIX. TRENDS AND CHALLENGES OF AGRARIAN SECTOR - PROCEEDINGS of the 29 th International Scientific Conference

ISBN

978-80-213-3041-2

ISSN

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e-ISSN

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Počet stran výsledku

7

Strana od-do

134-140

Název nakladatele

Czech University of Life Sciences Prague

Místo vydání

Czech University of Life Sciences Prague

Místo konání akce

Czech University of Life Sciences Prague

Datum konání akce

16. 9. 2020

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

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