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150128 ||| eng |
| 020 |
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|a 9781455205271
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| 245 |
0 |
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|a Estimates of the Output Gap in Armenia with Applications to Monetary and Fiscal Policy
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2010
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| 300 |
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|a 46 pages
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| 651 |
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4 |
|a Armenia, Republic of
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| 653 |
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|a Fiscal stance
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| 653 |
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|a Treasury Policy
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| 653 |
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|a Inflation
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| 653 |
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|a Comparative or Joint Analysis of Fiscal and Monetary Policy
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| 653 |
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|a Potential output
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| 653 |
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|a Stabilization
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| 653 |
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|a Output gap
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| 653 |
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|a Deflation
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| 653 |
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|a National Deficit Surplus
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| 653 |
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|a Fiscal Policy
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| 653 |
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|a Production
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| 653 |
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|a Fiscal policy
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| 653 |
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|a Production; Economic theory
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| 653 |
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|a Macroeconomics: Production
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| 653 |
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|a Price Level
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| 653 |
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|a Cycles
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| 653 |
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|a Forecasting and Other Model Applications
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| 653 |
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|a General Outlook and Conditions
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Business Fluctuations
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| 653 |
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|a Public Finance
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| 653 |
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|a Monetary Policy
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| 653 |
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|a Bayesian Analysis: General
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| 653 |
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|a Fiscal Policies and Behavior of Economic Agents: General
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| 653 |
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|a Production and Operations Management
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| 710 |
2 |
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|a International Monetary Fund
|
| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781455205271.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2010/197/001.2010.issue-197-en.xml?cid=24166-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a This paper employs several econometric techniques to estimate the Armenian output gap. The findings indicate that the output gap is significantly positive in 2007 and 2008 and decreased dramatically in 2009. The paper uses these results to estimate a New Keynesian Phillips curve for Armenia, suggesting a significant role of the output gap and inflation expectations in determining current inflation. Finally, the underlying fiscal stance over the period 2000-09 is assessed by estimating the cyclically-adjusted fiscal balance. Most of Armenia’s fiscal deficit is found to be structural. Fiscal policy, while providing counter-cyclical support in 2009, has been largely pro-cyclical in the past
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