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Estimating Labour and Output Gap: Evidence from the Athens Olympic Region in Greece

Belegri-Roboli, Athena and Michaelides, Panayotis G. (2005): Estimating Labour and Output Gap: Evidence from the Athens Olympic Region in Greece. Published in: Applied Economics , Vol. Vol 39, No. No. 19 (2007): pp. 2519-2528.

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Abstract

The present paper estimates potential labour and labour gap as well as potential output and output gap using a Cobb Douglas production function and a Hodrick-Prescott filter. We investigate the Athens Region in Greece by sector of economic activity, with the aid of the Non Accelerating Wage Inflation Rate of Unemployment (N.A.W.R.U.) concept. The results support the idea that the Athens region seems to be working, mostly, over the regional economy’s capabilities, a fact which leads to inflationary pressure.

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