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• W3128311036 abstract "According to the IMF subject information, output gap for advanced economies and specifically Greece is calculated as the actual GDP less the potential GDP divided by the potential GDP and expressed as a percentage. Divergence or difference between actual and potential output is known as output gap. Potential output is the maximum output that an economy could produce and it is used as a measure of growth in the economy. The output gap is used in combination with the general government structural budget balance to separate cyclical from non-cyclical components. It is also used as a tool to measure inflationary or deflationary gaps. For example, deflationary gap is the amount by which aggregate demand must be increased to push the equilibrium level of income through the multiplier to the full employment level. In other words, if current national income is below full employment national income, a deflationary gap will arise. A deflationary policy reduces the level of aggregate demand, growth and inflation and as a result increases unemployment. It is using the level of government expenditure and taxation to reduce the level of aggregate demand. The government should use different classes of taxes such as regressive taxes, progressive taxes and proportional taxes. Greece has a positive output gap in 2007 of 10.042%. For the same year, Greece had a structural budget deficit of -10.846%. In 2013, the output gap of Greece was -10.650 %, which means that resources are not managed in an efficient way. This implies that the actual output or GDP was less than the potential or efficient output. In fact, the negative figure of the output gap was associated with a deflationary gap. For example, in 2013, Greece had a negative output of -10.650% and a negative inflation or deflation of -1.753%. Italy, Portugal and Spain have recorded a slight positive or negative output gap figures. Positive output gap results to increase inflation as the costs of raw materials and labour increases. For example, in 2007, Greece has recorded a positive output gap of 10.042% and the end of period inflation measured as percent change has increased to 3.883% from 2.909% in 2006. The output gap of Greece in 2007 was an inflationary gap or growth of aggregate demand." @default.
• W3128311036 created "2021-02-15" @default.
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• W3128311036 date "2019-03-13" @default.
• W3128311036 modified "2023-09-25" @default.
• W3128311036 title "Output Gap, Inflationary or Deflationary Gap. Evidence from the Greek Economy by Testing the Relationship Between General Government Expenditure and GDP." @default.
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