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a shock ... the modelcausesa positive output gap
when actual GDP exceeds potential GDPcausinga positive output gap
a monetary shock that constituted a looseningwould causea positive output gap
lag behind the fall in potential outputleadingto a positive output gap
A rise in expenditureswill createa positive output gap
these firmsare creatinga negative ( positive ) output gap
The optimal commitment policycreatesa positive output gap
the trendleadingto a positive output gap
During expansionary periods , actual real GDP may increase above potential real GDPcreatinga positive output gap
But if the natural unemployment rate is greater than the unemployment rate , then real GDP will be more than potential rate of GDPleadingto positive output gap
We think potential output growth 's probably about 2.9 %are creatinga positive output gap
During 1980–84 , the economy grew well above the potential output growth pathresultingin a positive output gap
growth in excess ofits potential ... a rate over 4 %resultedin a positive output gap
if initially SRAS shifts rightwardsresultingin a positive output gap
to inflation as production and labor costs risewill leadto inflation as production and labor costs rise
inflation to increase on impactcausesinflation to increase on impact
to higher inflation in the futurecan leadto higher inflation in the future
in gradual upside pressure on core inflationresultsin gradual upside pressure on core inflation
to greater wage and price inflation pressuresleadingto greater wage and price inflation pressures
to inflation as production and labour costs risewill leadto inflation as production and labour costs rise
to inflation Plenty of room to expand without inflationledto inflation Plenty of room to expand without inflation
to higher inflation because production costs would increase e.g. labour costswould leadto higher inflation because production costs would increase e.g. labour costs
on : 09 - 01 - 13 20:39 Output gapCreatedon : 09 - 01 - 13 20:39 Output gap
over timewill ... resultover time
optimistic ( pessimistic ) expectationscreatesoptimistic ( pessimistic ) expectations
when the productivity shock occuredcreatedwhen the productivity shock occured
a more expansionary ( contractionary ) fiscal stancetriggereda more expansionary ( contractionary ) fiscal stance
when actual output is above potential outputresultswhen actual output is above potential output
policymakersmight promptpolicymakers
from the increase in labor supply and public investmentresultingfrom the increase in labor supply and public investment
usuallydoes leadusually
an inflationary environment and ... given that we expect economic growth to pick upcreatesan inflationary environment and ... given that we expect economic growth to pick up
tensions on resources of production ... and the supply of workers becomes scarcer , as explained by Okuns law , as presented in Appendix B.2.3triggerstensions on resources of production ... and the supply of workers becomes scarcer , as explained by Okuns law , as presented in Appendix B.2.3