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Measuring Potential Output in the Agricultural Sector: PDF Print E-mail

The Case of Greece

Authors: Subrata Ghatak, George Manolas and Ioannis Vavouras.

Abstract:

This paper attempts to estimate the potential output of the agricultural sector of the Greek economy and then to produce medium-term projections for it. The Hodrick-Prescott filter and the "production function" approach using cointegration techniques are used to estimate the potential agricultural output. Based on the regression results, projections for the potential agricultural output in Greece are made for the period 1996-2005, as an extrapolation of the trends of the last years.

Keywords: Greek Agriculture, Potential Output, Output Gap, Production Function, Hodrick-Prescott Filter, Cointegration, Projections.
 
JEL Classification: Q10, E23, C10, C53.
 
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